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businesses overpaid their income taxes by over two billion dollars, according to a CPA study reported in Business Magazine. ______________________ Tax Credits are different than tax deductions. A tax deduction reduces your net profit from your business. While a tax credit does not reduce your net business profit, but it does reduce your income taxes. ______________________ Medical Expenses The IRS is never going to tell you about a tax deduction you forgot to claim. If you spend more than 7.5% of your adjusted gross income on medical expenses, such as insurance, prescriptions, other out of pocket, expenses, and mileage to and from medical facilities, than you can deduct the amount that exceeds that figure. ______________________ Did you know Band-Aids are a tax deduction! ______________________ The IRS is never going to tell you about a tax deduction your forgot to claim. |
COLONIAL ACCOUNTING, INC ACCOUNTING SERVICES We will work closely work you to manage every aspect of your financial needs. |
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| Colonial Accounting, Inc. | 3279 Westover Ridge | Williamsburg, VA 23188 | tel: 757.645.2799 | fax: 757.645.2828 | cai@colonialaccounting.com |