The CPAs at Anchin, Block & Anchin, a New York-based accounting firm, have some great advice for ordinary tax payers who may be missing out on some great deductions simply because they do not realize they exist.
One such deduction, says Richard Baum of Anchin, is for moving to a new home after getting a new job. All that is required is that the job took you at least 50 miles away from your old home for a person to be eligible to deduct the moving expenses. This applies even to a first job at the beginning of someone’s career.
“Moving expenses for someone’s first job are deductible,” says Anchin CPA and partner Baum.
Anchin experts also suggest that self-employed people take their health insurance premiums as an “above-the-line” deduction. Those types of deductions lower your taxable income even if you do not itemize your deductions and just take the standard deduction.
In the same category is half of your self-employment tax. All taxpayers, not just the self-employed, can take long-term care insurance as a medical expense and are tax-deductible.