DWK Tax Group announces its annual Top 12 “Wishful Deductible Expenses”. Often this time of year gets the wheels start churning as to how is it possible to minimize taxable income. IRS or State tax return deadline is upon us…Exactly 28 days to go.
Subsitute Filed tax Return (SFR)
Folks with back tax problems, State or IRS, the # 2 reason why people year in and year out find themselves in hot water is because of missing or unfiled tax returns. A seceret weapon called the “substitute filed return” (SFR), will probably have been prepared without your authorization nor knowledge. By developing a balance owed, accurate or not, the SFR will allow the taxing authority the ability to collect on a tax debt.
File by April 15th
Always, always, always file by April 15th of every year. The tax collecting system of existing balances on tax accounts that are construed as delinquent are suffering massive unnecessary costs as a consequence.
General taxpaying public, FYI, as a general rule…regardless if a Form 1040 extension of time to file, Form 4868, (Pushed back to October 15th), the balance or liability owed is due on April 15th of every year. If the taxpayer has a balance owed, the designated amount will have accrued penalties and interest once the “extended” return is accepted, reviewed and posted in the IRS system.
Nothing like being behind the eight ball right from the word “go”.
Here are some deductible expenses many American waged taxpayers wish they could deduct but are not allowed to do so;
1) Dog, Cat & Bird Food
2) Gasoline costs and Vehicle maintenance – medical miles and charity miles are most certainly feasible for wage earners.
3) Penalties and Fines
4) Bank fees – Insufficient funds, ATM fees, deposit fees, transaction fees, etc. all non deductible.
5) Lobbying expenses
6) Cable, Internet and Telephone – Wouldn’t it be nice to watch TV for free?
7) Bribes and Kickbacks
8) Contributions to Political Parties or Candidates
9) Dues and memberships for social clubs
10) Your jobless boyfriend or girlfriend. Lol!
11) Your high school grad son or daughter NOT attending a 4 year university or college
12) Any personal property used for business
Motivated to be an entrepreneur?
Open a business for yourself…deductible expenses listed on lines 2,4 & 6 can be claimed if you open a trade or business for profit. IRS code allows a business owner 3 out of 5 years to claim losses, if the years of doing a business exceed the ratio, the business could be classified as a hobby. So be careful, use caution as you proceed.
Need serious help with a jigger of a tax problem? Contact DWK Tax Group at 1 – 8 6 6 – 2 2 6 – 6 1 0 2 of click on https://dwktaxgroup.com/
he SFR tax return and obtain tax account silence immediately. Affordable financing is available, DWK will work with the taxpayer’s circumstances, a 20 minute phone call is required to see how you vibe.
Thank you for your time in advance…