Being a provider of professional accounting services in Kissimmee, Orlando and Hunters Creek FL, we know that the rich will not be the only citizens who get to take advantage of loopholes in the tax code that prevent them from paying taxes and putting a dent in their lavish lifestyles. The only way the average citizen can hope to match them is to try and milk as much deductions out of his tax deductions as he legally can.
However, it requires a lot of ingenuity and creativity for taxpayers to thwart the IRS. Can you convince the IRS that your pet goldfish is a service animal? Can you hope to receive a deduction by citing your gym membership as a medical expense especially if you do not have a diagnosed disease that requires you to sweat it out on the treadmill?
Therefore hiring a CPA Accountant in Kissimmee, Orlando and Hunters Creek FL to do the job is a good idea. For example a CPA would tell you that tax deductions are possible with –
Families or individuals who relocate to new homes in other states can have a portion of their taxable income deducted from the IRS (Internal Revenue Service). In fact, the IRS also offers the same perks to individuals who were fired from the companies that they had to move for in the first place. The same goes for taxpayers who are self employed.
Sadly a lot of citizens aren’t aware of this. Thousands of incomplete W4 forms are a testament to the fact. Your CPA Accountant will ensure that you are entitled to deductions if you are eligible.
However, being eligible for deductions based on moving expenses is tricky. You didn’t think that the IRS would make this easy do you? It conducts two types of tests to do so. First of all your new location must be at least 50 miles away from the distance of your initial commute.
The next test involves time. A taxpayer who moves to a new location for work must be a fulltime employee. Furthermore, he must also maintain that status for the next 39 weeks on a 12 month basis. This is also applicable for taxpayers who decide to work for other companies after their move rather than the companies that required them to relocate in the first place.
In other words they can still receive deductions on their moving expenses if they get fired or change jobs in the same location. However the time rule is stricter for individuals who happen to be self employed. If you fall in this category you would have to be employed full time for a time period spanning 78 weeks at the least for the next 24 months.
The best thing about deductions from moving expenses is that you can claim them without having to itemize deductions to claim them. Therefore it is always a good idea to hire a specialist or CPA Accountant who knows how the tax system works. Hire a CPA Accountant and watch your bank balance increase to epic proportions each year. Your family will thank you for it.
For more information about our professional accounting and tax services in Kissimmee, Orlando and Hunters Creek FL, please contact us at 407-344-1012. God bless.