• Everyone wants a Big Refund! That is something everyone has in common every year. We all want huge refund amounts, during Tax Season. We assure you that this is the place to get it! With 5 Star Tax, you always get the highest possible return Guranteed!
• Here at 5 Star Tax Express we pride ourselves in knowing all the latest developments and changes in tax laws, deductions and credits. We use our knowledge and research to get our clients the highest refunds possible everytime, gauranteed. Why wait? Call us today and schedule your appointment.
WHAT ARE DEDUCTIONS?
Deductions are expenses that are subtracted from your adjusted gross income when calculating taxable income. There are three types of standard deductions depending on your filing status (single, married filing jointly, or head of household). In certain cases, we recommend making itemized deductions which can reduce your taxable income.
If you own a home and have a mortgage, we can itemize your deductions if your mortgage interest is higher than your standard deduction.
Income taxes paid to your state or local government are also deductible. Estimated payments to your state or local government, along with the previous year's state and local returns, are deductible.
Charitable donations to organizations, such as the Red Cross or other nonprofit organizations, are also tax deductible. Medical expenses such as doctor's fees, lab fees, and medical supplies, that exceed 7 1/2 % of your income , are tax deductible. Medical expenses paid by your employer are not tax-deductible since they already received a tax benefit. Long-term care services prescribed by a physician can be deducted if you require help performing daily living activities for at least 90 days and if you require supervision due to a cognitive impairment.
If you are relocating for a new job, you can deduct the cost of storing and insuring household goods within a period of 30 days after the move, the cost of traveling from the old to the new home (standard mileage rate of 10 cents/mile), and lodging expenses while traveling from one place to the other.
You can deduct your gambling losses if you keep detailed records of your transactions (gains and losses). Records must include date, location, wager amount, type of gambling, such as bingo, lottery, slot machines or horse/dog races.
There are additional miscellaneous deductions as long as they add up to more than 2% of your AGI. Some of these expenses include fees paid to a union or professional organization related to your work, subscriptions to magazines or other publications related to your work, tuition for continuing education classes related to your work, expenses related to a job search as long as it is in the same line of work, depreciation of your computer if you use it to keep track of your taxable investments, fees charged for IRA accounts, safe deposit box rental fees if used to store investment related documents, professional tax return preparation fees, and qualifying legal fees.
Bottomline is, we know what to do to get you more money. All you have to do is come on in.
Use the "Tax Refund Estimate" form to get a quick estimate of what you refund amount can be.