Incorporation Tips for Tax Deductions

Video Transcript

"Hi I'm Tom Choisnet, enrolled agent. I'm going to talk a little bit about taxes paid and focus a little bit on those areas that sometimes people forget. A good example of that is if they paid a balance due estate off during the calendar year or if they had to pay state taxes to another state. People also tend to overlook their automobile license fees, those are deductible in excess of the registration fee. Further, your state income taxes that are taken out of your check are deductible and peculiarly in California, state disability insurance is deductible as a local income tax. That's an important little thing because state disability benefits are generally tax free received and even though that's a fact, you can deduct the state disability premium that you pay. Thank you. I've got a little bit more on real property taxes in the next segment. Thank you."