When I think of “seasonal jobs,” here’s what I picture: Retail workers at the mall during Black Friday Summer camp counselors leading songs around a campfire Mail or package delivery drivers lugging packages during the winter holiday I also picture…
What do tax deductions and tax credits have in common? Well, both can lower your tax bill, and both are considered tax breaks. How are they different? We talk about that below. Tax deduction defined A tax deduction is…
Interested in lowering your tax bill? First check out these 9 deductions, and then have a look at TaxSlayer’s deduction finder to see what else you might qualify for. Let’s see how much money you can save…
Most people claim the standard deduction when they file their federal tax return. But did you know that you may lower your taxes if you itemize your deductions? Find out if you can save by doing your taxes using both methods. Usually, the bigger the deduction, the lower the tax you have to pay. You should file your tax return using the method that allows you to pay the least amount of tax. Check out these tips that the IRS offers to help you choose.
Do you plan to donate your services to charity this summer? Will you travel as part of the service? If so, some travel expenses may help lower your taxes when you file your tax return next year. Here are five tax tips you should know if you travel while giving your services to charity.
Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines. Here are nine of those benefits:
Without regular organization, my closet quickly starts to look like a disaster zone. If your closet looks anything like mine, there is no time like the present to clean out and organize your closet — and maybe take a tax deduction along the way. Check out a few closet organization tips and how you can turn the clothes you no longer wear into a tax deduction.
If you’re one of the lucky ones able to escape this summer, try making travel plans that allow you to deduct some, if not all, of your expenses. By including certain activities to your summer itinerary, you can do just that. Let us show you how.
If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction.
Your end of the year to-do list may be long with parties, shopping and surviving the holiday season – but consider taking a look at what you can do to make your 2013 tax bill smaller. There are some things you can do this December to decrease your tax liability and help you get a larger refund. All of the items on this list may not fit every tax situation, so see which ones might work for you.
The tax deadline may seem like a long way off, but with a little planning before the end of the year, you could take advantage of tax breaks to help you lower your tax bill. Several tax provisions are scheduled to expire at the end of this year. This may be your last chance to snag these valuable tax breaks.
According to the World Giving Index, there are over 1.5 million registered charities in the U.S. That means there are many choices when selecting an organization to receive your charitable donation. You don’t want to make a donation to a fake charity or one that is ineffective or wasteful with its funding. Here are a few tips to help you choose the best organization.
If you itemize deductions on your tax return, you may be able to deduct certain miscellaneous expenses. You may benefit from this because a tax deduction normally reduces your federal income tax. Here are some things you should know about miscellaneous deductions.
If you made a work-related move this summer, you may be able to deduct your moving expenses. Not only can people who moved to start a new job take this deduction, but those who moved to work the same job at a different location may take the deduction as well.
Tax credits and deductions can help taxpayers with their higher education expenses. Whether you’re a parent paying for your child’s education or you’re a student funding your own education, there is a tax credit or deduction for you.
Summer is undoubtedly a great time for leisure travel, but it’s also a great time to travel for charity work. If you plan to use some of your summer vacation traveling to do charity work there are five tax tips to keep in mind.
If you rent an apartment or house, you probably wonder if you can get some type of tax break for your monthly rent payment. While you cannot deduct rent you paid while renting a home from your federal return, some states offer a deduction for this. We will cover the renter’s deduction and other federal tax deductions you may be able to take.
So you finally creek open that basement door that’s been hiding your lost treasures. You know those wonderful pair of pants you were dying to have, but haven’t found the right occasion to wear them. Or the very strange shirt your wife bought you that came with the attached tie. No matter what’s hiding behind that door you most likely want to get rid of it. I’m sure you’re thinking yard sale. Just throw everything on the lawn and rake in the cash, but what if there’s a better option.
Tis’ the season for weddings. 30% of all U.S. Weddings take place between May and August. Just tied the knot? Congratulations! We may not have the fancy wrapped 4-slice-toaster you’ve always dreamed of, but we have the best gift all—tax tips! After spending at least 20,000 on your wedding, it wouldn’t hurt to find ways to save. Here are some great tax deductions you may be eligible for.
Whether you are self-employed or an employee, if you use a portion of your home for business, claiming the home office deduction is now easier. Beginning in tax year 2013, taxpayers may use a simplified option when determining the deduction for business use of their home. It is important to note that this simplified option does not change the criteria for who may claim a home office deduction. It merely simplifies the calculation and recordkeeping requirements of the allowable deduction.
With all of the events and festivities of the holiday season, we tend to forget that the tax-filing season is right around the corner. There is still a lot of time left until the April income tax filing deadline, but why wait until the last minute to get your affairs in order? In order for you to receive a speedier refund, it helps to file your return as soon as possible. In order to file earlier in the tax season, you can take the steps below to prepare yourself for the tax filing season.
On October 18, 2012, the IRS announced the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2013. In general, many of the pension plan limitations will change for 2013 due to the in the cost-of-living index. However, other pension plan limitations will remain unchanged.
One of the most confusing tax breaks for taxpayers is the mortgage interest tax deduction. If you were one of the many taxpayers this year that were eligible to deduct mortgage interest but did not, you left a lot of money on the table by overpaying your taxes. It is important to know who is and who is not eligible for the mortgage interest tax deduction, so that you can save yourself some money or stay out of trouble with the IRS for a claimed deduction that you do not qualify for.
Last week, we talked about how charitable contributions may help you reduce your tax obligations. In the article “Your Support Of A Qualified Charity May Provide You With A Money-Saving Tax Deduction”, we said that there were certain contributions that are subject to special rules when you file your deduction.This week we will discuss the special rules for deducting charitable contributions of clothing and household items, and a car, boat or airplane.
Did you make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement that you then donated to a local charity? Supporting your charitable causes can be tax deductible, but you must meet certain conditions. Qualifying charitable contributions can be made in cash, property (such as clothing, furniture, household items, or vehicles), or out-of-pocket expenses (such as mileage) you paid to do volunteer work for a qualifying organization.
As November approaches, it is officially election season. The 2012 presidential race is in full swing, and dozens of local and state positions are up for grabs. Whether you are donating to your town mayor or the future President of the United States, the rules on the tax deductibility of your political campaign contribution are the same.
Are you a teacher who shells out your own money to pay for books, pens, pencils and basic supplies needed for your classroom? If you are an eligible educator, you may be able to deduct up to $250 of expenses you paid for purchases of books and classroom supplies. These out-of-pocket expenses may lower your tax liabilities, even if you don’t itemize your deductions.
With the U.S. unemployment rate at 8.3%, many Americans are left looking for a new job. You may be able to deduct some of your job hunting expenses like phone calls, career counseling and the costs of preparing and mailing your resume if you are looking for a new job that is in the same line of work. The IRS recently released a list of seven tips to keep in mind when deducting costs related to your job search. Here is what you need to know.
Many colleges are now cutting back on grants and scholarships causing American families to opt for a lower-price public in-state school or borrow more money to afford college. With many students or families taking out loans to go to college, it is important to know all the facts about the student loan interest deduction for your federal tax return. The student loan interest is reported onForm 1098-E in box 1. The student loan interest deduction allows you to claim a maximum of $2,500 in student loan interest deduction if you are currently paying student loans, but this varies with income.