We are constantly looking for ideas to save you on tax & ensuring our clients & community are aware of them. This week I wanted to highlight a frequently-forgotten deduction: city taxes.
This email is specifically for those that live in an area subject to city taxes (NYC, Yonker NY, Washington DC (UBT), Philly, Detroit, St Louis MO, etc.) and:
If this is you, please read on. If you are not sure if this applies to you, let me know & I can explain.
Now to get to the point:
For the sake of a quick example, if you are in the 37% tax bracket & paid 42k in city taxes, your federal tax deduction is $15k. That is quite an important deduction to take!
If you are not sure if this was done, please have us check right away. There is a 3-year statute of limitations for federal refunds & we can petition for a tax refund for you.
Just submit the form below for assistance. Please no not wait until year-end or tax filing season for the following reasons:
Contact us below if you need help with this or any other tax/accounting task.
Thank you for reading & I hope this tax deduction helps – please feel free to share it with any friends & relatives!
George Dimov CPA
(833) 829-1120 toll free
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