NOVEMBER 2015
Khaas Baat : A Publication for Indian Americans in Florida

ACCOUNTING

YEAR-END TAX TIPS

By SURESH KUMAR, CPA

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 2 percent of your adjusted gross income. These include expenses such as:

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, thresholds and procedures for many of the deduction and filings. Please consult your CPA/Tax attorney/or tax consultant for proper guidance with the above subject matter.

______________________________________________________________________

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 maybe reached at (813) 421-5068 or info@kumarconsultingcpa.com / www.kumarconsultingcpa.com

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