In the United States it is estimated that the Top 25% of income earners ($80,000 plus) pay 87% of the taxes. While 75% of income earners ($79,999 and below) pay 13% of the taxes.
Regardless of the group you may fall into, I’m sure you have an opinion on who is and who isn’t paying their fair share. But we can all agree on the fact that we are always looking for honest ways to pay a little bit less and keep a little bit more by way of tax deductions, credits and exemptions.
At some point you may have even begged and pleaded for your accounant to help lessen the blow?! Which in most cases has led you to forking over close to the same amount. Or maybe they implemented a temporary fix by deffering some taxes for payment at a later date in the future. Hardly a forward looking tax savings strategy?
Here are some instances of tax deductions, credits and exemptions that we’ve seen…
Your backyard swimming pool and its expenses can be a tax deduction. A client had symptoms of early stage athritis and swimming was a prescribed activity to treat it. In this particular case he already had the pool, but he has been able to deduct the yearly maintenance and heating bill related to it ever since.
Staying with the same health theme…
If your doctor tells you that your overall health needs improvement or is in danger and they recommend that you start working out and losing weight all costs associated with activities to do so are completely tax deductible. Gym membership, nutritionist and other related exercise activities may qualify.
Going on a Business Trip? Any trip viewed as “ordinary and necessary” to the course of conducting business is eligible for a deduction. There are many instances where business lines up with pre-planned family trips or vice versa. It pays to be organized and always looking forward. Advice that is lost inside most accounting firms!
If your current accountant hasn’t given you at least one strategy that has saved you $1000 by way of tax deductions, credits or exemptions then it’s time to find a partner who thinks and looks forward like you.
Show me someone who likes talking about the past and…
I’ll show you an underachiever!
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