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The following tax tips address frequently visited topics. If you have questions, you should feel free to call.
- You may qualify to file form 2106 if you have expenses for your job or business that are nonreimbursable. Many taxpayers have this and do not even realize it. This is an itemized deduction.
- If you have self-employed income from a schedule C or you were issued a form 1099, you should strongly consider making a SEP contribution rather than and IRA contribution. A SEP contribution (Simplified Employee Pension) is fully tax deductible and can usually be larger in amount than an IRA. Further, the SEP gives you other options an IRA does not.
- If you are self-employed or have self-employed income, you may be eligible to deduct part of your health insurance premiums directly against your income. This could be a big tax saver.
- If you receive a 1099 in one year for money you physically receive in the following year, you do not have to pick it up until that following year. You should be sure to note this properly on your return.
- You can deduct certain educational expenses. In general if the education is required by your employer or is to improve your skills in your existing profession you can write it off. Nowadays, with the need for higher education, this is a deduction that can save big bucks. You should consult with us on this issue.
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