Money-saving deductions for your income tax return

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ROCHESTER, N.Y. (WROC) — CPA Scott Adair of the New York State Society of CPAs discussed some money-saving deductions you might be able to take advantage of on your income tax return Monday during News 8 at Sunrise.

“We need to walk through all of our standard deduction types items like mortgage interest, property taxes, and charitable contributions,” said Adair. “Property and casualty losses, as well as employee business expenses, are things we need to be top of mind this time of year.”

Adair said for property and casualty losses to be deducted you must live in a federally declared disaster area.

Employee business expenses are another area Adair emphasized. “There are a lot of changes in this area and so you need to be careful,” he said. “We used to be able to deduct a number of those expenses subject to our adjusted gross income, but now we have to take a look at the American Opportunity Tax Credit as well as the Lifelong Learning Tax Credit – things that we’ve talked about in previous episodes – to kind of figure out what is the best avenue for you to take to be able to deduct those expenses as you move forward.”

This is an area Adair said would make sense to consult a trusted CPA. In addition, he said the same is true for items no longer deductible. “A number of miscellaneous type items that used to be deductible, such as your tax preparer fee, are no longer deductible. Things like that are small, but certainly, things that can pop up and bite you if you’re not paying attention to them.”

For more ‘Smart Money’ advice, visit the New York State Society of CPAs website.

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