Each year around tax time, I go through all of our personal receipts, bank statements, household utilities, and medical bills/receipts in an attempt to stay organized. Here are some of the time-saving tips I use to keep all of our personal, household, and tax info organized. Plus tips for how long and which tax papers to keep.
tax credits and deductions
Flexible Spending Account 101: Tax-Free Health Care
If you have consistent, predictable, medical expenses that are already a part of your monthly budget, you can save money by NOT paying tax those medical expenses. By taking advantage of a Flexible Spending Account (FSA), you get tax-free health care!
Homeowner Tax Credits For Using Energy-Efficient Products
Even if you haven’t been planning on remodeling or upgrading your home, now is definitely the time to take a serious look at the possibilities. These tax incentives will go a long way in stretching your budget and will not only pay you back now through tax credits and refunds, but they will continue to pay you back as you save energy in the future!
How To Qualify For The $8,000 Housing Tax Credit
First time homeowners can get up to $8,000 in the form of a tax credit from the U.S. government. And… you don’t have to pay it back! Who exactly qualifies? How does it work? How do you take advantage of this housing tax credit?
3 Good Reasons To Make Charitable Contributions
Charitable contributions may be the last thing you have on your mind during tough times. But, the truth is, giving away money, time, and items is always a good idea. Here are the top 3 reasons to consider making charitable donations this year.
Is It True That You’re Throwing Away Money If You Rent vs Own Your Home?
There are many advantages to paying a mortgage over paying rent. Still, renting a home is not exactly a waste of your money. Here are some interesting facts regarding renting vs owning a home.
Is The Bad Economy Making You Stingy?
With Americans rallying to save more and spend less, charities and religious organizations are actually suffering. Charities need goods and money in order to help people in the community. But what can we do? Especially when we are just treading water ourselves. Here are some ideas…
How Buying Business Equipment Can Affect Your Taxes
Most business will make equipment purchases each year. If your business appropriately plans for the purchases, you may be able deduct the full price of the equipment. This article discusses the deduction for equipment purchases and how to plan your purchases in order to decrease your tax bill.
Breast Reconstruction, Teeth Whitening, Vision Correctiton Surgery – Tax Deductible Or Not?
Does the IRS allow teeth whitening, breast reconstruction, and vision correction surgery as medical expense deductions? These are typically considered cosmetic or elective surgeries, but two of them are allowed as a medical expense.
SEP IRA – A Way To Save Money On Your Taxes If You Are Self-Employed
We discuss the features of SEP IRAs along with the advantages and disadvantages of using a Simplified Employee Pension.
Top 5 Tax Deductions That Most People Miss
There are several tax deductions available to us that we have no clue about. Hopefully, by learning some of the common missed tax deductions we are all able to save a little bit more.
Should You Itemize Taxes Or Not?
By knowing the basic limitations behind itemizing expenses, the decision to take the standard deduction or itemize your expenses is made much easier. Also, by maximizing the deduction you are allowed to take, you can reduce your tax liability and save money.
Earned Income Credit
The earned income credit is available to many taxpayers who have low to moderate income. This tax credit will effectively lower your taxable income and increase your potential for a tax refund.
Most Overlooked Tax Deductions
According to H&R Block, these are some of the most often overlooked tax deductions that people often forget to take…
What Is The Telephone Excise Tax Refund All About?
The Telephone Excise tax refund is applicable to almost everyone for 2006. Individuals and businesses have 2 options to select from in order to calculate the refund they are eligible for.
Education Tax Credits: Hope Credit & Lifetime Learning Credit
The Hope Credit and the Lifetime Learning credits are 2 types of tax credits that can reduce your tax liability and save you money.
Dependent Care Credit Helps With Daycare Or A Nanny
The Dependent Care Credit – also known as the Childcare Credit – is one way for working adults to save money on their tax return.
What Is The Child Tax Credit?
A Child Tax Credit is available to most taxpayers for each ‘qualifying child’. This tax credit is an easy way to save some money on your tax return. Here’s what you need to know.
Tax Deductions vs. Tax Credits
Tax deductions and tax credits are 2 ways to lower the amount of income tax you owe and therefore save you money! Here’s what you need to know.
