Allowable Deductions for Individuals
Dental expenses are also included as medical expenses. Medical expenses include medicine, co-payments, deductables, health and dental insurance, etc.
Properity taxes are deductable in your tax return
The entire amount of home mortgage interest is allowed.
Only the PMI is allowed in your tax return.
General taxes such sales tax paid on a new or used card
All charitable contributions are allowed, but if it is more than $500.00, a proof is needed.
The fees paid for filing your taxes are deductable.
Union dues paid for the year
Expenses incurred in your job only, not for personal use.
Losses during gamblins are deductable
If you do not work in one location, you can deduct all those items in your tax returns. (proof is required)
Allowable Deductions for Small Businesses [Every transaction related to the business]
All merchandised purchased to be resold is considered as a deduction
Compensations and bonuses to employees are deductable
Supplies, Office Supplies, Fuels, Bank Charges, Postage and Delivery, Advertisment, Repairs and Maintenance, Meals and Entertainment, Utilities, Insurance, Finance Charge, and among others.
For more information about allowable deductions in your personal or corporate Income Tax, please contact us at (1) 708-239-0523 and our tax service staff will be happy to assist you.
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