They say there are two things certain in life: death & taxes. Here are ten tips to make one of those seem less grim. Enjoy.
File early to beat the rush: Plus, the IRS will process your potential refund sooner.
Philanthropy Counts: Contributions of money, time and gas to any U.S. sponsored organization are deductible.
Consider Itemizing: Itemize only if deductions exceed the standard deduction for your tax group. If you’re trying to close a small gap, tips 4 – 7 are helpful.
Balance your portfolio: Made gains on your mutual funds or sold stocks at a profit? Look for failing investments you could sell to offset your gains.
Be prepared: Not only is the cost of tax-preparation software or a tax professional a smart idea – it’s deductible.
Looks for a job: If you are staying in the same line of work, job-hunting costs like printing your resume, calling long distance, and traveling to interviews can be deducted.
Plan ahead: You have until April this year to top off your IRA. Remember your Roth IRA is not deductible, but you’ll reap the benefits with tax-free growth.
Pay back student loans: The interest you pay on student loans is deductible. Even better, it is above-the-line, which means you don’t have to itemize your deductions to claim it.
Educational rewards: If you’re in school, some of your tuition and school-related expenses, like books, can be deducted.
Document everything: Keep all pertinent receipts and statements in case the IRS decides to question you about any of your deductions.