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Monday, December 1, 2014

Year-End Tax Tips

1.      Review your portfolio.  Consider taking a loss if you have substantial capital gains.

2.      Max out your retirement plan contributions.  2014 maximum IRA contribution is $5,500 (plus $1,000 if age 50 or over).  2014 maximum 401(k) contribution is $17,500 (plus $5,500 if age 50 or over).

3.      Consider contributing to a 529 Plan if you have children or grandchildren.  For example, New York allows a deduction up to $5,000 (or $10,000 for married filing joint filers) for contributions made by an account owner to an account belonging to New York’s 529 College Savings Plan.

Wednesday, November 19, 2014

Deduction Series: Job Hunt Expenses

Are you considering a new job in your current line of work?  If so, the costs associated with your job hunt may reduce your income taxes!

In order to qualify, expenses must be incurred while searching for a job in the field in which you are currently employed.  You may deduct job search costs that are in excess of 2% of your adjusted gross income (AGI), and you must itemize your deductions when you file your income tax return.

Among the costs you can deduct are:

Resume Costs – Includes the cost of preparing, printing and mailing your resume.

Placement Agency Fees – Includes agency fees you pay while looking for a job in same occupation.
 
Travel and Transportation Expenses – Includes expenses for travelling to a new area to look for a job in your current field.  The trip must be for the primary purpose of looking for a job.  You should track your time and make sure that your time was primarily devoted to your job search to ensure the travel costs qualify.   If you use the standard mileage rate to compute your auto expenses, the 2014 rate is 56 cents per mile.




Honorine M. Campisi, CPA

Wednesday, October 22, 2014

Back to School: Study These College Tax Breaks!

If you or your dependents are attending college this fall, you may be eligible for some help from the government in the form of a tax credit.  Discussed below are the American Opportunity Tax Credit and the more limited Lifetime Learning Credit which are available for qualifying taxpayers who pay tuition and other college expenses for themselves or their dependents.  Also ask your CPA about a deduction for student loan interest paid during the year.  In addition, many states (including New York) offer college tuition credits or deduction from income, as well as tax deductions for contributions to qualified 529 plans.

Monday, September 8, 2014

Selling Your Home?

Did you know that selling your home may have income tax implications?  Here are a few facts to keep in mind when you sell your home.  As always – remember to let your CPA know!

Monday, August 25, 2014

Having a Baby? Here Are Helpful Tax Tips!

Congratulations on your soon to be dependent!  Regardless of when your child’s birthday is, your child is considered to be your dependent for the whole year in which he or she is born or adopted.  Your new addition is bound to cost you a bundle over the years, but here are some tips for maximizing the tax savings available to you as a parent.  Make sure you file for your child’s Social Security Number immediately after their arrival!