Ten Tips for your Taxes: Making cents of your tax return
They say there are two things certain in life: death & taxes. Here are ten tips to make one of those seem less grim. Enjoy.
- FILE EARLY TO BEAT THE RUSH. Plus, the IRS will process your potential refund sooner.
- PHILANTHROPY COUNTS. Contributions of money, time and gas to any U.S. sponsored organization are deductible.
- CONSIDER ITEMIZING. Itemize only if deductions exceed the standard deduction for your tax group. If you're trying to close a small gap, tips 4 - 7 are helpful.
- BALANCE YOUR PORTFOLIO. Made gains on your mutual funds or sold stocks at a profit? Look for failing investments you could sell to offset your gains.
- BE PREPARED. Not only is the cost of tax-preparation software or a tax professional a smart idea – it's deductible.
- LOOK FOR A JOB. If you are staying in the same line of work, job-hunting costs like printing your resume, calling long distance, and traveling to interviews can be deducted.
- PLAN AHEAD. You have until April 17th this year to top off your IRA and the limit is $4,000. Remember your Roth IRA is not deductible, but you'll reap the benefits with tax-free growth.
- PAY BACK STUDENT LOANS. The interest you pay on student loans is deductible. Even better, it is above-the-line, which means you don't have to itemize your deductions to claim it.
- EDUCATIONAL REWARDS. If you're in school, some of your tuition and school-related expenses, like books, can be deducted.
- DOCUMENT EVERYTHING. Keep all pertinent receipts and statements in case the IRS decides to question you about any of your deductions.
Sources: completetax.com; turbotax.com; irs.gov






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