Elderly Couple Looking at Tax Deductions

Each year, taxpayers miss miscellaneous deductions on Schedule A. In order to qualify, your miscellaneous deductions must be more than two percent of your adjusted gross income, and even then, you only receive any amount above two percent. So if your AGI is $100,000 a year and you have miscellaneous expenses of $3,000, you only receive $1,000 in tax deductions, as the first $2,000 does not count.

The issue of deductions is a tricky one, but with the right accounting firm’s help, you could save yourself a pretty penny by claiming the right tax deductions.

For further questions about Phoenix personal income tax accounting, please contact Singer Tax & Accounting, PC today at (602) 482-8006.