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Personal Tax Service

No one gets you more from your refund then Yuma Accounting:

You have Come to the Right Place, Susan is professional and understands the complexities of the tax code to ensure you will get every credit and deduction you deserve. Yuma Accounting will get you the largest refund you're entitled to.

If your needs our to help you file your Income Tax for personal or business, or if yo need assistance with your Payroll and General Bookkeeping I would be happy to set an appointment with you to discuss all your needs and requirements. Please feel free to contact me so we can go over all your tax and business needs.

10. Most Overlooked Tax Deductions:

1. State Sales Taxes: Although all taxpayers have a shot for this deduction it makes more sense for the taxpayer who live in a state that does not impose an income tax. Seven U.S. states currently don't have an income tax:

Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. And residents of New Hampshire and Tennessee are also spared from handing over an extra chunk of their paycheck on April 15.

2. $250 Educators Expenses:
Still teachers and their aides can deduct up to $250 they spent for books and classroom supplies. Computers including related software and services or other equipment that the eligible educator uses in the classroom. Supplies for courses on health and physical education qualify only if they are related to athletics.

3. College Tuition:
Education tax credits can help offset the costs of education. The American Opportunity (Hope Credit extended) and the Lifetime Learning Credit are education credits you can subtract in full from the federal income tax, not just deduct from taxable income.

4. Student loan interest:
You may be able to deduct interest you pay on a qualified student loan. Generally, the amount you may deduct is the lesser of $2,500 or the amount of interest you actually paid and it is subject to a phase-out, which means the amount of the deduction gradually decreases and phases out completely if and when your modified adjusted gross income (MAGI) amount reaches the annual limit.

5. Out of pocket charitable contributions:
It is hard to overlook the big charitable contributions you made during the year and you can write-off costs you incur while doing good works.
You are a troop leader for a tax-exempt youth group and you take the group on a camping trip. You are responsible for overseeing the setup of the camp and for providing adult supervision for other activities during the entire trip. You participate in the activities of the group and enjoy your time with them. You oversee the breaking of camp and you transport the group home. You can deduct your travel expenses.

Ingredients for casserole you prepared for non- profit Soups kitchen, for example, or cost of stamps for school fund-raising.

6. Moving Expenses:
If you moved due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your reasonable moving expenses but not any expenses for meals. You can deduct your moving expenses if you meet all three of the following requirements:

  • Your move closely relates to the start of work.
  • You meet the distance test.
  • You meet the time test.

The distance test: Your new workplace must be at least 50 miles farther from your old home than your old job location was from your old home. If you had no previous workplace, your new job location must be at least 50 miles from your old home.

7. Military Reservists Travel Expenses:
If you are a member of the national guard or military reserve, you may deserve a deduction for travel expenses to drills or meeting. To qualify, you must travel more than 100 miles and stay overnight.

8. Child - Care credit:
You may be able to claim the child and dependent care credit if you paid expenses for the care of a qualifying individual to enable you and your spouse filing a joint return to work or actively look for work. You may not take this credit if your filing status is married filing separately. The credit amount is a percentage of the amount of work-related expenses you paid to a care provider for the care of a qualifying individual. The percentage depends on your adjusted gross income.

The total expenses that you may use to calculate the credit should not be more than $3,000 (one qualifying individual) or $6,000 (two or more qualifying individuals). Expenses paid for the care of a qualifying individual are eligible expenses if the primary reason is to assure the individual's well-being and protection.

9. State Tax You Paid Last Spring:
Did you owe tax when you filed your 2014 state tax return in the spring of 2015. Then remember to include that amount with your state tax deduction on your 2015 return, along with state taxes withheld from your paycheck.

10. Refinancing Points:
The term points is used to describe certain charges paid to obtain a home mortgage. Points are prepaid interest and may be deductible as home mortgage interest, if you itemize deductions on Form 1040, Schedule A (PDF). If you can deduct all of the interest on your mortgage, you may be able to deduct all of the points paid on the mortgage
You can deduct the points in full in the year you pay them, if you meet all the following requirements:

1. Your main home secures your loan (your main home is the one you live in most of the time).
2. Paying points is an established business practice in your area.
3. The points paid were not more than the amount generally charged in that area.
4. You use the cash method of accounting. This means you report income in the year you receive it and deduct expenses in the year you pay them.
5. The points paid were not for items that are usually listed separately on the settlement sheet such as appraisal fees, inspection fees, title fees, attorney fees, or property taxes.
6. The funds you provided at or before closing, including any points the seller paid, were at least as much as the points charged. You cannot have borrowed the funds from your lender or mortgage broker in order to pay the points.
7. You use your loan to buy or build your main home.
8. The points were computed as a percentage of the principal amount of the mortgage, and the amount shows clearly as points on your settlement statement.

Contact Information:
Yuma Accounting welcomes you to contact us if you have any questions or comments regarding our services or prices.

Veteran owned and operated business.