Taxes are one of the biggest expenses any family members encounters. There is no law that states you have to pay far more than required. So Do not!
3 fast hints on tips on how to preserve on your next tax bill:
one. Use a personal computer.
Systems like TurboTax and H&R Block’s TaxCut having become very sophisticated. They can e-file your return for you. You’ll save on the filing costs. Also, you get your rebate back in 2 weeks! I like my money getting to me extra quickly.
2. Itemize.
About 40% of Americans miss out on tax savings because they decide to not itemize their deductions. They think their saving time, but they are really just losing money. They are missing out on savings from their home, children, schooling, the list goes on. Do not give your money away…or at least give it away to charity!
3. Quit smoking? Preserve. Lost weight? Help save.
Medical prices that exceed 7.5% of your AGI are deductible. When you factor in doctor visits, prescriptions, and hospital stays this can be achieved. If your doctor prescribed a stop smoking plan or a weight loss plan, then this can fall under “medical costs” as well.
Do not spend additional taxes than you need to. You work hard for your money and should enjoy it. Do not let the government enjoy it for you. They gladly will.
Always consult a tax specialist, but make sure they are maximizing YOUR money. Keep that money as part of your pocket and use it to shell out bills, save for retirement, and invest. Good Luck!
Learn more about cost-u-less tax.