Tax Tips from Stu Steinberg – CPA, National Speaker & Financial Advisor
“Celebrating 25 Years in the Business”
At the top of page two of Form 1040, we get to write-off our itemized deductions. This is Schedule A. This is where we list our deductions to help minimize our tax. Popular deductions include; mortgage interest and real estate taxes on our homes, gifts to charity, as well as, state, local, and excise taxes on our cars. Also, many people claim work expenses that do not get reimbursed by their employer on Form 2106 which flows to the Schedule A. Other deductions not as commonly seen include the medical deduction and casualty and theft loss write-off.
There is a lot going on with Schedule A. It is wise to seek competent advice with the complexities of the form. There are limitations for medical expenses (7.5%), charity (50% or 30%), and unreimbursed work expenses (2%.) Reach out to your trusted tax advisor to ensure you fill this form out and don’t miss any key tax saving items.
About Stu: With more than 25 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.