Tax Time

62

By lilibees

Tax Time

Tax deductions are not just for big businesses and tax credits don’t just apply to the financially savvy. They belong to you too; you just need to know where you can look to receive them,

· Charitable Donations- If you have kept the receipts from your donations of material goods or even services you provided you can claim those on your taxes. Most cash donations you may have made to charity also can be claimed on this year’s taxes.

· Child Care- Like most of us parents that work we pay daycare expenses, you may be eligible for tax credit for your child care expenses. You must have traceable proof when filing and only up to $6,000 dollars of expenses.

· Home Energy Efficiency- You can claim up to 30% of your spending up to 1,500 dollars of energy efficient home improvements. Doors, roofs, washer and dryers everything so save your receipts.

· Relocating for Work- If you had to move for job related purposes you very well may be able to claim some of those relocating expenses of your taxes this year as well. Getting a deduction here depends on a couple of things. One being distance between your new job and your home has to be at least 50 miles or more than it was for your original job placement. Second you must be able to prove you have been at this new job for at least 39 weeks out of 12 months of starting it.

Four Other Deductions to be aware of

1. Medical expenses for a portion of them anyway.

2. Long- term care medical expenses in some cases can be claimed.

3. Deduction for visiting your doctor you can write off the expenses of getting there.

4. Prescription drug co- payments if your total expense exceeds 7.5% of the limit.

Tax Myths

1. You are not more likely to be audited if you file electronically.

2. Filing your taxes is not voluntary.

3. The United States does not have the highest taxes.

4. Filing for extensions does not increase or decrease your chances of being audited.

Things to Remember

  • Save Your Receipts
  • Always keep records of your expenses down to the dollar
  • Using cash to pay for expenses like your child care does not give you enough of money trail proof to use to try and claim a deduction.

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