The ability to itemize deductions has been dramatically decreased because the new law provides a much larger standard deduction. You are allowed to deduct the greater of the two. However, we still need to accumulate the information on your medical, tax, mortgage interest, charity and other deductions in order to apply the new rules, and to complete your state tax returns.
Employee work related business expenses are no longer deductible on the Federal return, but we may still need the information for your state return, and if you incur a lot of these types of expenses,
A major change has occurred on home equity lines and 2nd mortgages, most of which are now not deductible. In order to get your largest deduction, we will need to know much more information on these a
Everyone seems to think that the new "postcard" return will make income tax preparation easier! Not true. The recurring theme in all of our continuing education classes this year has been the 20% in
