Over the past 10 years, the Internal Revenue Service has implemented more than 4,000 new tax laws. Easy math – that’s more than one new law per day. While every tax provision may not be applicable to you, your family or your business, many people miss out on tax benefits available to them and fall into many unfortunate IRS traps.
In a time of critical economic condition, every taxpayer is seeking to file their tax return as quickly as possible for refunds. In hopes of maximizing your refunds so all of your excess can be invested or saved for retirement purposes, or to plan for that Caribbean vacation this year, make certain you are not missing out on commonly overlooked tax benefits.
In filing over 1,000 individual tax returns annually, my colleagues and I at Malvin, Riggins & Company P.C. have seen everything from simple to complex, and we have heard it all. I would rather a client ask questions or have creative ideas that could potentially benefit them, and we collectively brainstorm. One case in point: A dance instructor is permitted to deduct over a period of time body augmentation surgery for benefit of his or her profession!
This is only one fun fact and the reason that our profession isn’t always that of the stereotypical pencil pusher.
Some other interesting points:
Networking through the Chamber and in the D.C. area has been a rewarding experience for me and has lead to many great connections. From intimate socials with business colleagues to large charity events, the D.C. area also provides many networking opportunities to create a tax write-off for business purposes. Take advantage of it. Most employers expect it and also provide reimbursement accounts for their staff for social events, which is typically more beneficial for an individual taxpayer.
The Chamber means Business. For more information, visit caglcc.org.
John T. Caldwell is the managing principal of Malvin, Riggins & Company P.C., a full-service tax and accounting firm in Washington, Northern Virginia and southeast Virginia. http://www.malvinriggins.com/.