Commentary, news and reflections about
this taxing life, by Vernon Jacobs, CPA.
Jacobs is the co-author of Legal Ways to Save Taxes Offshore & Onshore, of Offshore Tax Strategies, of The Controlled Foreign Corporation Tax Guide and of Risk Management for Amateur Investors. He is the Editor & Publisher of the International Wealth Protection Monitor newsletter and the free Q&A service, the Jacobs Report on International Financial Planning. He is the President of Offshore Press, Inc. and is a member of the International Tax Technical Resource Panel of the American Institute of CPAs. He has been a CPA since 1962, with a focus on taxes since 1975. .
Bypass Schedule A When You Can
A lot of people don't seem to realize that deductions can be claimed on Schedule C (trade or business), Schedule E (rent, royalty and partnership income) or Schedule F (farming). If you have income that is reported on these other forms, you can often allocate some expenses to those schedules instead of claiming the expenses as itemized deductions on Schedule A.
For example, if you own rental property, you can allocate some tax preparation or advisory fees to Schedule E. If you have an office at home, you should be able to allocate some of your home mortgage interest, real estate taxes, home owner's insurance premiums and utilities to Schedule C. You will get more 'bang for the buck" on these schedules than on Schedule A.
by Vernon Jacobs, CPA
Co-author of Legal Ways to Save Taxes Offshore & Onshore
|Vern Jacobs' Taxwire
is a free syndicated service for the print and Internet media. To
receive Vern Jacobs' Taxwire
by email, fill in the short
Jacobs is the co-author of Legal Ways to Save Taxes Offshore & Onshore, with J. Richard Duke, JD, LLM.