• June 16, 2019
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  • Helpful Things

    HELPFUL THINGS

    The I.E.A.U. would like to help you out with things "I wish i would of known" from tax help, to getting stains out of your carpet.

    Tax Help

    1. State and Local Sales Tax

    Taxpapers have the option of deducting either state and local income taxes or state and local general tax slaes they have paid during the tax year, but not both.  If you live in a state with no income tax, consider deducting state sales tax and local sales tax you have paid.

    2. Hobby Expenses

    If your wondering "What can i claim on my taxes?" and you have a hobby, pay attention: you can deduct ordinary expenses you incur from a hobby.  Unlike, a business, a hobby is an endeavor you do not expect to profit from. If you suffer a loss due to your hobby, you can not dedcut the loss from your income.

    3. Appearence Expenses

    Because you work in the public, you are alowed to deduct appearence expense, which includes tanning, make-up, getting your hair done, your nail done, your gym membership and your clothing.  All the things that keep you beautiful is a tax write off in our business. Including your cosmetic surgeries. 

    4. Airline Baggage Fees

    If you are self-employed and you travel for business, make sure you deduct your baggage fees.  You will be surprised how fast they add up.

    5. Intrest Deduction

    SMost taxpayers who itemize are eligible to deduct the intrest on their morgages.   You can deduct the intrest you have paid on any loans of $1 million or less. If you are married and you are filing seperately you can only deduct up to $500,000 in intrest, such as your car.

    6. Gambling Losses

    Gamblers may be able to recoup some of thier loss during tax time. Winnings from gambling are taxable and must be reported. If you suffered gambling losses you can deduct up to the amount of gambling income you reported. You can claim your losses as "other miscellaneous deductions", but be prepared to show proof of those loses. 

    7. Union Dues

    You can deduct your union dues, initation fees and other related expenses from taxable income. The duductions, which are considered nonreimbursed employee expenses, are subject to a 2 percent AGI rule.





    Page Last Updated: Jan 28, 2019 (12:07:50)
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