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Archive for August, 2019

Can you Still Deduct Car Expenses on your Tax Returns?

Wednesday, August 21st, 2019

Many taxpayers have claimed this deduction in the past but with the new tax laws, there is a chance you may no longer be able to deduct them anymore.

You can still deduct your auto expenses if you if you own a business or are self-employed and use your car for work related tasks.

If you are an employee of a company you can no longer deduct your work mileage on your tax return, even if you do not get reimbursed by your employer. Prior to 2018, employees were able to deduct their auto expenses if they filed a Schedule A as a miscellaneous itemized deduction.

If you are an Armed Forces Reservist, fee-basis state or local government official, or a qualified performing artist, you can still deduct unreimbursed travel expenses.

Please consult your tax advisor on all the above information.

Are You Due a Refund but Haven’t Filed Your Return Yet?

Wednesday, August 14th, 2019

We see from time to time where a taxpayer has not filed their tax returns for the past few years. Our clients will sometime say to us “Well, it is okay because I am due refunds”. This is true where if you are due a refund there is no penalty for filing a late return but what some don’t realize is that there is a time limit on claiming those refunds.

A return needs to be filed within three years in order to get the refund. So if you plan on claiming those refunds you need to make sure the 3 year time limit doesn’t expire before you file those returns.

Please consult your tax advisor on all the above information.