Today is the deadline to file your income taxes without an extension. Make sure you take full advantage of all those great deductions Uncle Sam gave us this year. Some of the ones more commonly missed are:
- out of pocket medical expenses (included travel, copays, medications, even medically necessary weightloss qualifies but you'll need to have a doctor fill out some forms to ensure the IRS you qualify)
- costs incurred while searching for a job (including travel for interviews, costs of printing resumes, stamps for mailing those resumes, new job training, job search costs, industry related magazines, etc)
- educational expenses (homeschooling supplies, curriculums, uniforms, books, etc)
- new home owner's tax credits
- Earned Income Tax Credit (even if you don't think you qualify, complete the form anyway. There have been changes so larger families now qualify.)
- Child Tax Credit (again complete the form regardless if you think you qualify. You just might be surprised)
- claim many tax credits for purchasing a new energy efficient vehicle or appliance courtesy of the American Recovery & Reinvestment Act.
- Make Work Pay Tax Credit requires a schedule M to benefit from the $400 to $800 benefit millions of Americans received last year.
- complete a schedule M if you received a $250 Economic Recovery Payment last year. (Don't remember if you received one? Click here to check the IRS's database.)
Remember, even if a tax professional prepares your return, you are still liable for the accuracy of your income tax return filed with the IRS. As always, double check your return to ensure you've claimed the deductions you are legally entitled otherwise you may find yourself in an audit from good ole' Uncle Sam.If you have tax questions, you can get answers from the IRS on their website or over the phone but expect long hold times when calling since this is peak season. Jean Chatzky also had a great segment this morning on NBC's Today Show Money 911 you might find helpful.
**********************************************************************************************
Tax Day Freebies
Don't forget many businesses offer fantastic freebies available only on tax day. Starbucks, Cinnabon, PF Changs, IHOP, Maggie Moos, Boston Market and Hydromassage are all giving away free items all day tomorrow. So enjoy a free massage and followed it up with a cup of coffee and pastry or ice cream to help sooth the sting of filing your taxes.**********************************************************************************************
Don't forget tomorrow is the final day to get your blog posts some linky love at my new Strut Your Stuff meme.
0 Smart Sayings:
Post a Comment