One of the simplest ways to reduce the taxes you will owe is to have items that qualify for tax deductions. As long as you
Donating To A Charity
Donations to established non-profit organizations qualify for a tax deduction. Be sure to get a receipt for your donation in case you are ever audited. It needs to state the name and address of the organization, what you donated (money, items, car, etc.) and the value that the company claimed for it. If you donate thrift store value items at a place that has no representative standing by to give you a receipt, write up specifically what you donated, the date, and the number of the drop-box if there is one, or the location of it.
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Donations can be in cash or as items to be sold or used for the less-fortunate, like clothing, toys, shoes, blankets, etc. They can also be “boats, cars, RVs” as we've heard on the radio. These companies take your vehicle and give you the Blue Book value for their vehicle, either all as a tax deduction, or sometimes half in cash. Sometimes you can designate to which organization you want your contribution to go – whether the American Heart Association, the Federation for the Blind, La Leche League, or another qualified non-profit organization.
Medical Expenses
Some medical expenses qualify as tax deductions. Be sure to keep track of them throughout the year, retaining receipts for doctor visits, prescription medicines, and other qualifying items. All of these can be added together to go on your tax deduction form.
Child Care Expenses
Child care can be a very expensive, ongoing, expense. If you're a parent of young children, unless you have a willing parent who doesn't mind being on “grandma duty” every time you need it, you will likely have child care expenses. Most child care expenses are for when the parents are at work, and will be in the form of a day care (whether in an in-home or freestanding day-care facility) or an after-school program.
Business Expenses
Some business expenses qualify for a tax deduction. You should be keeping track of all business expenses as a regular course of business, anyhow. Fortunately, some of them will help you pay less taxes overall.
Check with your tax preparation advisor to know which of these deductions will be applicable in your personal situation, as well as how to maximize their use.
What Other Authors say about Taxes
A Partial List Of Tax Deductibles
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How Will You Spend Your Tax Refund?
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Taxes – everybody hates them. The government takes from your paycheck every weekIt can be frustrating to see how much they get right off the top. Some of that youll never see again, but your federal and...
Income Tax Return Filing 101
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Understanding Basic Tax Terms
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If your like many, you don't always understand what people are talking about when it comes to Taxes. It's important to know the main tax terminology, especially when tax season comes around. Knowing the...
Where To Find Tax Help
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The Internal Revenue Service unveiled a special new section for people who have lost their homes due to foreclosure. The IRS also reassured homeowners that, although mortgage workouts and foreclosures...
Getting a Tax Credit for Your Kids
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As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...
Where Can You Get Answers To Your Tax Questions?
by Carl LaFresnaye
Taxes are an unfortunate part of our lives. But our tax money finances so many parts of our government, taxes are here to stay. It would be nice if taxes were cut and dried, easy to understand and easy...
Finding Out How Much Money Do You Have To Make To File Taxes?
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There are many people who wonder if they really have to file taxes since they do not make very much money. Since taxes are so dreaded by most people, answering the question of how much money a person...
Income Taxes: What Do They Go?
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Remember the Boston Tea Party? In 1773, the king in England and his Parliment had just initiated the Tea Tax – and the settlers didn't accept it. Many of them dressed up as Indians, boarded a trade ship...
Who are the CPA Moms? Your Tax Professional Forever!!!!
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“CPA Moms - Tax Moms - EA Moms" are trade names given to Accounting and Tax Professionals who chose to work in an “relaxed” environment. Some "Moms" work from home, other work from personal offices. Not all are Moms, there are some Dads. We call them Mr. Tax Moms. CPA Dads or Enrolled Agents Dads.
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Each Mom is independent. Once a client starts working with a Mom, the client will keep the same “Mom” year after year regardless of where the client moves or relocates. Being in a “relaxed” environment has many advantages. Lower overhead, faster response time, more availability, etc.
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To be a member a CPA Mom, Tax Moms, or an Erolled Moms the Tax Professional must ALWAYS be in good standing with their state licensing agency, experienced, and must demonstrate a high level of ethics, professionalism and proficiency.
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Tax Net Inc, the parent company for all CPA Moms, Tax Moms and Enrolled Moms, developed the marketing and on-line systems to help qualified Tax Professionals who "choose" work from their “relaxed” environment and offer better service at a lower price to the consumer.
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Since the “Moms” do taxes and accounting of all complexities, there is always a Mom available for every level of work. Since each Mom has a private 800 number, you are just a phone call away, regardless of where you live.
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For reliability and dependability of Tax Net, Inc, the parent company of the “Moms” organization click on the Better Business Bureau (BBB) icon. To Join CPA Moms
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