Tax Services

Our Team Approach:

STRATEGIC FINANCIAL & TAX PLANNING SERVICES began as a tax practice. Over the past 30 years, we have become a trusted tax preparation and representation services firm addressing the needs of individuals, small businesses, estates, and trusts. What sets us apart is our unique team approach. We believe that every client deserves to benefit from the combined experience of our tax team.

You can expect to be matched with one of our experienced tax preparers. Your preparer will scan your tax documents, as well as review your income and possible deductions and credits with you. Your return is then reviewed by Guy or John for accuracy, analysis, and identify appropriate strategies for your tax situation. Before your return is e-filed, your return will be reviewed one last time by one of our Enrolled Agents or a licensed CPA.  
 
Our team looks at the big picture to make sure that all of the questions have been answered and all legitimate deductions, credits, and strategies are being employed. Our strategies are focused on generating the largest overall tax savings both now and in the long run for our clients. We also consider the tax implications of an individual, family, investment, or business striving to minimize tax liabilities. 

Through our specialized, comprehensive approach, we help provide significant impact and financial savings by integrating your tax services alongside your financial planning strategies. We do this through:

  • Collaboration between our tax team and one of our financial advisors to align your tax situation with your financial planning strategies
  • Year-round tax consulting services included in your tax return fee for future tax planning
  • Utilizing all resources to find tax savings opportunities and assure accuracy on your tax returns
  • Preparation of your tax returns by experienced tax professionals
  • Final reviews of your tax returns by an Enrolled Agent (EA) or a licensed CPA
Tax preparation services offered through Strategic Financial & Tax Planning Services,  a separate entity from LPL Financial.  LPL Financial does not provide tax advice.
 
  Deductions & Credits


Below are lists of possible deductions and/or credits. These lists are not all-inclusive, and not all items are deductible all the time. Many items are subject to limitations, may only apply in certain situations or are governed by other rules. Please keep careful records and save your receipts for 3 years.


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  Schedule A Expenses


Taxes You Paid
  • Sales tax on large purchases, such as a car or boat
  • Estimated tax payments

Interest You Paid
  • Mortgage interest
  • Late payment charge on mortgage payment
  • Mortgage prepayment penalties
  • Points on principal residence financing
  • Mortgage insurance premiums
 
Gifts to Charity
  • Charitable contributions (cash and non-cash) made to qualified charities 
  • Volunteer expenses
  • Mileage to donate goods to charity or to perform charitable services
 
Other Expenses
  • Casualty and theft Losses
  • Fees for tax return preparation
  • Safe deposit box rental

Investment expenses:

  • Investment counsel and advisory fees
  • Certain legal fees related to financial advice during divorce proceedings
  • Interest on margin accounts

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  Business Expenses


Books and Publications
  • Books, trade journals, newspapers and publications for your trade or profession

Dues and Fees
  • Dues to a professional organization for people in your profession
  • Union dues, initiation fees, and assessments for benefit payments to unemployed union members
  • Regulatory fees for your profession
  • Dues to chambers of commerce and similar organizations if the membership helps you carry out your job duties
  • Licenses paid to state or local governments

Education and Research
  • Educational expenses related to your present work that maintains or improves your skills
  • Research expenses

Equipment and Supplies
  • Business use of computer for the convenience of your employer and required as a condition of your employment
  • Supplies and tools you use in your work

Job hunting expenses (Employees)

To deduct job hunting expenses, you must be looking for a job in your present line of work not changing professions or looking for your first job. 
  • Resume preparation (drafting, typing, printing, mailing, faxing)
  • Employment agency fees
  • Career counseling to assist you in improving your position
  • Legal and accounting fees you pay in connection with employment contract negotiations and preparation
  • Transportation costs to job interviews
  • Newspapers you purchase to read the employment ads
  • If you take a trip away from home to look for a new job, your expenses for traveling, lodging, meals (50% of the cost), etc. are deductible only if the primary purpose of your trip is to look for a job. To substantiate the purpose of your trip, keep a daily log of your interviews, application efforts, etc.

Meals and Entertainment
  • Meals and entertaining costs with a clear business purpose (i.e., meeting with clients) (only 50% of the cost is deductible). Keep a record of the date, place, amount of expenses, people present, business purpose, and business discussed. Also, keep receipts for expenses in excess of $75.

Telephone/Internet Charges
  • Internet access costs for the convenience of your employer and required as a condition of your employment
  • Business use of cellular phone
  • Cost of long-distance business calls charged to home phone
  • Separate business telephone 

Travel and Transportation
  • Traveling costs incurred while away from home on business
  • Transportation from one job to another if you work two places in one day
  • If you are self-employed and your home is your principal place of business, all business travel is deductible

Uniforms and Gear
  • Protective clothing and gear
  • Uniforms (except if you're full-time active duty in the armed forces)
  • Dry cleaning costs for your uniforms or protective clothing (not for your everyday clothing)
  • Specialized clothing designed for your job, as long as it's not suitable for everyday wear
  • Safety equipment, such as hard hats, safety glasses, safety boots, and gloves

Miscellaneous
  • Gifts, but only up to $25 per recipient
  • Passport if needed for business travel
  • Postage
  • Office supplies
  • Printing and copying
  • Medical exams required by your employer
  • Employee contributions to state disability funds

Self-Employed Only
  • Interest on business loans
  • Self-employed health insurance (partial)
  • Commissions and fees
  • Business insurance
  • Keogh or SEP contributions
  • Rental of business property
  • Office rent and utilities
  • Repairs and maintenance
  • Business taxes and licenses

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  Qualified Medical Expenses
 
  • Acupuncture
  • Air conditioner necessary for relief from allergies or other respiratory problems
  • Contact lenses
  • Dental fees and supplies
  • Doctor or physician expenses
  • Drug addiction treatment
  • Eye surgery, when it is not for cosmetic purposes only
  • Fertility treatment:  Limited to procedures such as in vitro fertilization (including temporary storage of eggs or sperm) and surgery, including an operation to reverse prior surgery that prevented the person operated on from having children
  • Hospital care
  • Insurance premiums for medical care coverage
  • Laboratory fees
  • Lodging expenses while away from home to receive medical care in a hospital or medical facility
  • Long-term care insurance and long term care expenses (with limitations)
  • Medical aids, including wheelchairs, hearing aids and batteries, eyeglasses, contact lenses, crutches, braces, and guide dogs 
  • Medicines and prescription drugs
  • Nursing care
  • Smoking cessation programs
  • Transportation costs for obtaining medical care

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  Childcare


Please bring the name, address and employer identification number (EIN) for all providers
  • Daycare and day camp (or summer camp) fees, even for camps centered around a sport or activity, qualify if they provide care while the parent or parents were at work 

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  College/Student Loans
 
  • College tuition, as well as required costs for lab fees, books, supplies and expenses for any other course materials
  • Vocational school tuition
  • Continuing education courses
  • Activity fees of any kind as a condition of enrollment
  • Application fee as a condition of enrollment
  • Student loan interest

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  Expenses You Cannot Deduct


Non-Deductible Miscellaneous Expenses
  • Expenses that were reimbursed by your employer
  • Clothing that is adaptable to everyday wear (this includes suits, evening wear, etc.)
  • Commuting costs (subways and rail fares, and vehicle use including tolls, gasoline, and parking)
  • Dues to country clubs, golf and athletic clubs, and airline and hotel clubs
  • Job hunting expenses if you're looking for your first job, or changing professions
  • Dry cleaning and laundry (unless you're on a business trip)
  • Immigration visa expenses, such as for obtaining a Green Card or H-1B visa
  • Moving expenses that were not associated with your job
  • Moving expenses if you are claiming temporary living expenses
  • Meals, unless for business meetings, or while away from home on business
  • Personal expenses, such as grooming and maintenance (gym membership) unless they are directly related to your business (e.g.,  models, actors)
  • Interest on personal loans
  • Support of family members, with the exception of specific expenses, such as dependent care, for qualifying dependents
  • Personal vacations 
  • Cosmetic surgery to improve personal appearance
  • Contributions made to individuals or foreign charities
  • Student loan interest if adjusted gross income is greater than $75,000 (single) or $150,000 (married)
  • Student loan principal

Nondeductible Home Expenses  (Some exceptions for rental properties)
  • Mortgage principal payments
  • Homeowner's association fees
  • Apartment rent
  • Insurance (other than mortgage insurance premiums), including fire and comprehensive coverage, and title insurance
  • Wages you pay for domestic help
  • Depreciation
  • The cost of utilities, such as gas, electricity, or water
  • Most settlement fees, closing costs, and legal fees involved in purchasing a property
  • Forfeited deposits
  • Home phone line

Nondeductible Taxes and Fees
  • Personal purpose license fees (e.g., marriage, driver's license, dog, etc.)
  • Estate, inheritance, legacy, or succession taxes
  • Fines and penalties
  • Gift taxes


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This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.