We just started working with a new client. She is a pleasant elderly woman who has been preparing her taxes for years. In the past she worked for H&R Block and then another tax preparer.
She was referred to us from her banker and her financial advisor. When I was reviewing her 2014 and 2015 returns, I noticed some missing information in a couple of places. When I questioned her on the investment fee, she was unaware that the fees she was paying were potentially deductible. Granted they have to exceed 2% of AGI but in her case they would get her over the threshold for deductibility.
She had already included her safety deposit box and the fee for her boxed tax software. But,working with three brokerage houses and their fees would get her over the deductibility threshold.
For 2015 she also missed the General Sales tax deduction since she pays no Illinois income tax.
So now we are amending her return, those fees will also be deductible, subject to the 2% AGI threshold.
But, she will be better served and three members of her financial management team are already working together. All we have to do in bring in the attorney and insurance agent.