Archive for January, 2013

IRS creditAre you getting every deduction and credit you deserve?

A lot of people aren’t, because they either don’t care to look for them (which is a big mistake because they’re leaving their money on the table), or because they don’t have the right advice when it comes to preparing and filing their tax returns.

Here are some commonly overlooked tax deductions to keep in mind when filing your taxes:

1. Education expenses you paid to maintain or improve job skills
2. Required uniforms and work clothes not suitable for street wear
3. Union dues
4. Employment agency fees or commissions
5. Reservist and National Guard overnight travel expenses
6. Medical transportation expenses including tolls, parking, and mileage for trips to health facilities, doctor’s offices, laboratories, etc.
7. Hearing aids, eyeglasses, and contact lenses
8. Uniform cost and cleaning
9. Safety equipment
10. Tax return preparation fees
11. Safe deposit box charges for investments or business
12. Cell phones required for business
13. Employment/job seeking expenses
14. Employees moving expenses
15. Student loan interest
16. Business sales/entertainment expenses
17. Work travel, meals, and hotel expenses
18. At-home-office expenses
19. Vehicle use (auto, truck) miles for work
20. Home mortgage interest
21. Real estate and property tax
22. Points paid on a mortgage or refinancing
23. Donations to places of worship
24. Cash or property donations to a recognized charity

Tax preparation help

The tax filing deadline is fast approaching. Do you need help with preparing your taxes and filing them? Are you confused when it comes to which forms are applicable to your situations and which are not so that you know what to fill out? Do you have questions about which deductions you qualify for? Are you wondering whether or not you’ll get a refund this year? You can certainly get the answers to these questions if you use an online tax preparation program. These programs have evolved to the point where they can pretty much guide you every step of the way, from making sure you’re filling out the proper forms, to giving you much-needed information and guidance.

Federal and State tax forms

Preparing your taxes online makes it easy to find all the right tax forms you need, both for federal and state tax purposes. As mentioned previously, modern tax software is increasingly interactive, and provides one of the best ways to make sure that your taxes are done right.

Tips and calculators – help with deductions and credits

These are additional tools that you can use in your tax preparation process. You will be able to estimate your deductions beforehand, thanks to the various features that are built into the software: calculators to estimate your refund or tax bill, tools to help minimize how much tax you’re require to pay, and so on. Make sure that you get all the tax breaks that you qualify for!

Filing your tax return electronically

So you’re done with filling out all your tax return forms? Well you’ve done 99% of the work. You don’t even have to print it out and mail it, since modern tax software packages all offer the option to file electronically. The interface will even provide you with a notification that the IRS has indeed received your return. Using that option also allows you to get your refund faster, especially if you choose to have it deposited directly into a bank account. You can get your money in 10 to 16 days from the day you file.

Armed with this knowledge, you can certainly make sure that this year is the one where you get all the deductions you deserve and get your money as quickly as possible.