Khaas Baat : A Publication for Indian Americans in Florida




Below are some tips and reminders that may help with your taxes before the yearend:


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.


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 /

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