WBKB spoke with certified public accountant Bernie Lamp, Straley Lamp and Kraezlein, on what taxpayers should do prior to filing for this year’s income tax returns.
He said the first step is gathering all the necessary statements. For example, w-2 and 10-99 forms. In the same breath, Lamp said taxpayers are losing money in the bank by cutting themselves short.
“One of the mistakes perhaps is not considering all the deductions they might be entitled to,” Lamp said. He also said there’s a lot of opportunity for business owners in particular. “They can use the actual deductions of using a business vehicle versus [using] the IRS…standard mileage rate.”
He said this could be more beneficial for taxpayers. Another example is contributing to individual retirement accounts. These accounts are deductible according to the CPA.
Lamp said taxpayers are allowed to take a donation for the reasonable value of items they donate sent to thrift stores such as the ones in town.