RNC SERVICES
We reduce your business
and tax stress
and tax stress
POSSIBLE DEDUCTIONS
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IRS allows a Standard Deduction depending on filing status.
The goal is to identify deductions above these amounts;
otherwise save yourself the record-keeping trouble and use the
Standard Deduction. So, we need to know the totals of your
deductions.
Deductions include medical, taxes, real estate interest and
taxes, contributions to charity, and unreimbursed business
expenses.
The goal is to identify deductions above these amounts;
otherwise save yourself the record-keeping trouble and use the
Standard Deduction. So, we need to know the totals of your
deductions.
Deductions include medical, taxes, real estate interest and
taxes, contributions to charity, and unreimbursed business
expenses.
Medical
Only the amount above 7.5% of your AGI (Adjusted Gross
Income) is deductible.
Income) is deductible.
Real Estate Taxes and Interest
Real estate taxes and mortgage interest are usually big
deduction items. Your county of residence should provide you
with taxes paid. Your mortgage company should provide you the
interest paid.
deduction items. Your county of residence should provide you
with taxes paid. Your mortgage company should provide you the
interest paid.
Contributions to Charity
For non-cash contributions, such as clothes, cars, or other
items, we need to discuss. IRS has tightened the rules. For
example, a car has to be sold by the charity for the value of the
contribution. Again, let's discuss.
items, we need to discuss. IRS has tightened the rules. For
example, a car has to be sold by the charity for the value of the
contribution. Again, let's discuss.
Unreimbursed Business Expenses
If your company gave you a few more dollars in your wages
(income) and let you 'handle the expense report' part, you need
to track those expenses.
Collect and total those receipts.
(income) and let you 'handle the expense report' part, you need
to track those expenses.
Collect and total those receipts.
Other Deductions and Credits
Child Tax Credit, Low Income Credit, and/or Elderly Credit
may apply.
may apply.