You did it! Your taxes are finally in the books for another year. And then it happens. You get a statement from your (apparently forgotten) investment account. Or you hear from a neighbor that your son’s Lasik eye surgery may be tax-deductible as a medical expense. Now what!? Don’t panic or worry an IRS agent will show up to imprison your first-born child. We have assembled step-by-step instructions for you to follow.
You know tax season is fast approaching when you constantly see and hear ads in which CPAs promise to save you lots of money! We at Sweeten CPA love you, our clients, (even if you aren’t our client, we’ll share the love!) and want to put in our 2 cents on how to maximize your 2011 deductions before the year ends. You’re welcome, and get to it!
If you itemize your deductions–meaning you count up various allowable deductions that will add up to more than the standard deduction (click here for 2011 standard deduction rates)–these suggestions will be possibilities for you.
Well, have no fear, we are here to clarify the mess of numbers and letters that make up common tax form names! You too can appear confident and knowledgeable when told to gather documents for your Schedule A. “Why of course! I will get all my documents together for my itemized deductions right away.”