DECEMBER 2013
Khaas Baat : A Publication for Indian Americans in Florida
Accounting/Finance

TAX TALK – YEAR-END TIPS

bY SURESH KUMAR, CPA

It’s tax time again (almost)! Below are some tips and reminders that may help with your taxes before the yearend:

Individual

Deductions subject to the 2 percent limit. You can deduct most miscellaneous expenses only if they exceed two percent of your adjusted gross income. These include expenses such as unreimbursed employee expenses, expenses related to searching for a new job in the same profession, certain work clothes and uniforms, tools needed for your job/union dues and non-reimbursed work-related travel and transportation.

Deductions not subject to the 2 percent limit. Some deductions are not subject to the 2 percent of AGI limit:

Certain casualty and theft losses. This deduction applies if you held the damaged or stolen property for investment; gambling losses up to the amount of gambling winnings; losses from Ponzi-type investment schemes.

Business:

There are various limitations and thresholds for many of the tax deductions. Please consult your CPA/Tax attorney/or tax consultant for proper guidance with the above subject matter.

DISCLAIMER: In accordance with IRS Circular 230, the above information is not intended or written to be used, and cannot be used as or considered a "covered opinion" or other written tax advice and should not be relied upon for the purpose of avoiding tax-related penalties under the Internal Revenue Code; promoting, marketing, or recommending to another party any transaction or tax-related matter(s) addressed herein; for IRS audit, tax dispute or other purposes.

Suresh Kumar, CPA, MBA is the Principal of Kumar Consulting, PA, a CPA & Consulting firm licensed in the states of FL, KS, and MO and can be reached at (813) 421-5068, e-mail info@kumarconsultingcpa.com or visit www.kumarconsultingcpa.com

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