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3 years, 3 months ago

My adjusted income is 5k above a particular limit which would allow me to take a 4k deduction. Worth pursuing?

I suppose I could go to a tax professional, pay them, and hope they find a way to make my adjusted gross income 5k smaller. That seems unlikely. I'm guessing I should give up on taking this deduction. Is that a good point of view to have?
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ssmacd | 3 years, 3 months ago
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There are ways you can reduce your adjusted gross income. Depending on your income level and complexity, it might be worth going to a professional. If you have W_2 income only, and have already taken any appropriate IRA and student loan interest deductions, they may not be able to find much.

However, if you have investment transactions, self employment income, or rental properties, a review by a professional is a good idea.

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robbrown | 3 years, 3 months ago
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The possibility of at least $4k would get me to go to an accountant pretty quick.

They're pretty good at finding things. I donno about in the U.S. but here in Canada, a percentage of professional CGA (Certified General Accountant) fees are deductible. So it's really a win-win.

Regardless, pro help (even once in a while) from an accountant can keep you on a good track.

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