Top tax write offs for police
A native New Yorker, Sgt. James Barron at the age of 14 was taught by his father how to prepare his own taxes when he got his first job and entered the workforce. InJames Barron attended the University of California at Berkeley and studied business administration. After years with the SFPD, Sgt.
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Barron earned a disability retirement. Barron is also a California-Registered Tax Preparer CTEC A Schedule A Form offw a lot of tax incentives for police officers if they own a home and are thorough in documenting their miscellaneous deductions. A police officer can use Schedule A for work related deductions such as uniforms and equipment. If an officer can produce his dry cleaning receipts, the cost of cleaning his police uniform is also a tax-deductible expense.
A police officer is also permitted to deduct the cost of one off-duty hand gun per year.
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The equipment for that off duty personal gun such as the wriite, ankle or shoulder, and the bullets for the gun are also tax deductible. A police officer's transportation costs to taax normal work station from home is not tax deductible. However, if a police officer is not going to their normal work station e.
The key to effectively using Schedule A is in keeping good records and receipts. The deferred compensation plans are named after the IRS Code Section In February, I interviewed Duane Collins who was a SFPD Officer for just over 28 years. Officer Collins is the owner of Collins Tax Consulting which specializes in tax preparation for txa enforcement personnel. Officer Collins is a firm believer in a police officer contributing to their b deferred compensation plan. InDuane Collins became a new officer with the SFPD. He was an active member of the San Francisco Police Officers Association and served as its Treasurer.
Officer Collins also served as the Corporate Secretary of the San Francisco Police Credit Union.
In October, he went to Honolulu, Hawaii with his bride for their honeymoon. InDuane and his wife of 29 years started Collins Tax Consulting.
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During his tenure in the SFPD, Officer Collins also taught courses in financial planning at the San Francisco Police Academy to cadets and the staff. Officer Duane Collins said that he would suggest that anytime a police officer worked overtime and made approximately 15KK in that year, it would be wise for them to put that money in their deferred compensation account. He said that a police officer should get use to living within his salary income and not on his overtime income. And, as you taxx retirement from the police department pay off all of your ofr card debt, automobiles, ski boats, and motor homes.
Officer Collins also suggests if possible, try to double up on contributions to your deferred compensation account the last three years before you retire. Officer Duane Collins retired from the San Francisco Police Department on January 8, His goal was to be a good officer and to retire at age Inspector Ned Totah achieved both of his goals and in February, he retired from the department.
InJames Barron attended the University of California at Berkeley and studied business administration. Deduction Lists Here are some forms to help you prepare for your tqx appointment. James Barron at the age of 14 was taught by his father how to prepare his own taxes when he got his first job and entered the workforce. The key to effectively using Schedule A is in keeping good records and receipts. The deferred compensation plans are named after the IRS Code Section
Inspector Totah has always loved numbers check this out high-technology toys. His father taught him at an early age the value of money and saving. During his police career he would prepare his own taxes and those of his fellow officers.
InInspector Ned Totah became an Enrolled Agent. In addition to tax preparation he can now represent clients before the IRS at administrative hearings. He suggests that police officers live within their salary and put at least one half of their raises into their deferred compensation account. The purchase of a home is a great way to build equity over the long term.
Totah says one should eliminate credit card debt. Police officers can take advantage of the many tax deductions that the IRS offers through wise financial planning and the use of professional tax preparers. About the author Edwin K.
Stephens is the Managing General Partner of The Stephens Group, an investment writ asset management firm he founded in January The Stephens Group helps individuals, pension funds, public agencies, and private corporations with their financial planning needs. Stephens is a licensed Series 6 Registered Representative. He is an Insurance Agent who is licensed in both California and Arizona. Stephens, who has previously authored articles on financial management and investment strategies for the San Francisco Police Officers Association Journal, counts among his clients many law enforcers and other public safety professionals in the San Francisco Bay.
Stephens conducts financial planning seminars throughout the San Francisco Bay Area and Arizona. Stephens received a degree in English Literature from San Francisco State University in Securities transactions though McClurg Capital. Please go to polkce.