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.
