Any individual required for tax deductions must get practical personal tax advice. At Kasker Associates, we don’t just let you understand what personal income tax is but also how it works.

Losses and expenses spent in acquiring or producing assessable revenue are eligible for deductions. For instance, if an individual owns a rental property, assumptions may be made for any interest paid on loans used to pay for the property’s purchase, property taxes, insurance, repairs and maintenance. For some properties, there is depreciation on furnishings such as carpets and curtains and other items purchased for the rental property.

Tax deductions are not applicable for personal or domestic expenses, such as the price of personal medical care, private health insurance premiums, child care, alimony, life insurance premiums, or interest paid on loans used to finance the purchase of a person’s home.