SAN DIEGO- Tax day is less than one month away. A local CPA says Americans are missing out on deductions. Some apply to people who claim the standard deduction and don’t itemize.
If you pay rent, you may be eligible for the California Nonrefundable Renter’s Credit. Single filers can are eligible for a $60 credit. Married couples that file together get $120. Did you move for a job last year? Even if you take the standard deduction and you didn’t itemize, you can deduct any moving cost not covered by your employer.
For those of you who do itemize, CPA and San Diego State University lecturer, Narelle Mackenzie says you’re allowed to deduct other work related expenses. “If you’re an employee and your employer doesn’t reimburse you for all your expenses that’s another example of where you can claim mileage. If you’re traveling away from home you can claim 50% of your meals.”
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Tax Savings of $750 Million.
Contract Review resulted in indirect tax savings of $750 million over the life of the contract by utilizing exemptions, certificates, and where that was not possible, changing the Importer of Record to a related party.
Global Tax Savings of $20 Million.
Tax savings accomplished through structured placement of assets that was tax free for US tax purposes but provided a step-up in basis for foreign country purposes.
Reduction of Taxes to $0.
Identified a solution for a US joint venture with a US partner and a foreign partner, operating in a third country, which reduced US taxes for the foreign partner, on the foreign operation, to zero.