If you have a regular or ‘S’ corporation and have a calendar year, your return is due March 15, not April 15. The good thing is you can file an extension until September 15 to put off filing your return a little longer
Brian’s Tax Musings
What is a Miscellaneous Itemized Deduction? Well scientists have been debating this question for centuries and have reached a consensus – we don’t know, consult with your tax preparer.Well, a misceallanous itemized deduction is a deductible item that doesn’t fit in the traditional medical, tax, interest or charity catagories (hence the term miscellaneous). Some items have to be reduced by 2% of your income, some don’t. Items in the reduced area include:Union Dues, Investment Expenses, Unreimbursed Employee Business Expenses (another topic all by itself), tax preparation (my fee), Safe Deposit Box, Job Hunting Expenses, and other. Other can be some legal expenses used to protect your property or income (not setting up a living trust, but certain property settlements in a divorce, and other fees that assist in the generation and protecton of income(this is not an exclusive list-items probably should be judged on an item by item basis).Items not reduced by the 2% include:Various trust and estate expenses, brush clearing (don’t ask me why), gambling losses to the extent of winnings and other (?). See this article and IRS website for further confusion:http://www.smartmoney.com/personal-finance/taxes/miscellaneous-itemized-deductions-9547/
Brian’s Tax Musings
If you have medical expenses, you may get a tax deduction. There are many things you can deduct as medical expenses:Medical InsuranceDriving to the doctorHospitalsDoctorsSurgery (No cosmetic except for a medical reason)And many more…To get the deduction, first you take your total medical expenses, then deduct 7.5% of your income. The net can then be added to your other itemized deductions and if they are more than the standard deduction, you can right them off.So you may get a tax deduction.