Taxes Tips
All tips tagged taxes ✕
If you get a large tax refund, put it towards your debt or building a savings fund. Use it to better your financial situation.
Canada generally allows a certain dollar amount of tax credit for children's fitness membership costs. Check online or with your tax preparer.
If having your taxes done by someone else, review them thoroughly before they are sent in. Unfortunately, there are scams in the tax preparation world, so check for accuracy.
You can have a Roth IRA contribution counted for the previous year up to the date that you submit your taxes.
Save your public transportation receipts. In many countries using public transportation for work travel may be used as a tax deduction.
You may be able to deduct travel expenses for medical and dental visits on your taxes. Track your mileage and check with your accountant.
Have a specific container for collecting all receipts. At the end of the month use them to reconcile your bank statement and save any that may be needed for tax purposes.
Discuss potential work tax deductions with colleagues in your field. Just double check that ones you have learned about are indeed acceptable before filing.
For the best results, complete your FAFSA for higher education financial aid as soon as possible after the beginning of the year. It asks for tax information, so file as soon as possible as well.
Before shopping for school supplies, check if your state offers a sales tax holiday on certain dates. On these days, the sales tax is waived on most items considered part of back to school shopping.
When donating items to a charity, ask for a receipt. With a receipt, you can declare your charitable donations as tax deductions.
Military personnel, spouses and dependent children have access to prepare and file their federal and state taxes for free. Visit http://www.va.gov/ for more information.
Consider donating your old vehicle to a charity when it's time to upgrade. They'll often tow it away for free and you can report it as a charitable donation on your taxes.
Keep a file for all tax documents. The minute you get a receipt or tax form, put it in the file.
If you and a partner file taxes separately, put donations in the name of the person with the highest income to receive a larger tax rebate.
Many areas have nonprofit organization who offer free tax preparation for senior citizens, those with lower incomes and other groups. Search online to find one that may fit your needs.
Generally, you should save at least three year's worth of your tax documentation in case of audit by the IRS.
If you own a small business, invest in good accounting software. Updating your records on a monthly basis will help you know how your business is doing and keeping track of income expenses throughout the year will make tax time much easier.