Here are a few taxes credits and deductions you should consider when doing your taxes this year.
- Retirement account: IRAs converting into Roth IRAs- When you are filing your taxes this year you need to look at the tax break you can get if you converted your IRA into a Roth IRA. As you know may know an IRA is an account you set up to start saving for your retirement. When you put money into your retirement account you can cut the amount of taxes you might have to pay in our current tax bill
- Day Care: One tax credit you may qualify for is if you are a parent is child care. In order for you to be eligible for this credit you must be working and having your child cared for by another person whom you are paying. You can save up to $6000 on your tax bill
- The Energy Credit: 2011 was the last year people were allowed to get a source of energy system installed in there home and use is as a tax break. Going green not only saved you money on utilities but it also saved on on your taxes
Our health and our loved ones health is vital. We want to live for as long as possible and we want our loved ones to have the best health possible. But lets face it things happen. Ourselves or our family members could get sick or hurt and may need to end up going to a hospital. These can be trying times for us because well we care about those closest to us. But trips the hospital are some of the most expensive types of bills anyone will ever have to pay. I mean just an ambulance ride itself is extremely expensive.
There are two things that can help. One is creating a savings fund for health related emergencies. These can prove to be extremely helpful when it comes to paying for healthcare. The other is getting health insurance. Health insurance can be a life saver. I understand health insurance can be extremely expensive but when it come to it, it will be money well spent.
Health care bills can sometimes be written off as health expenses when you are filing your taxes.
When preparing your taxes look at all the different expenses you have paid for in the last year. Things like purchasing a new car, a new house, a second house, you decided to do a remodel, went GREEN, etc. All these things are very important tax time because as you prepare your taxes you will need all your tax information of what you purchased and what the cost was.
Each one of these things can be a way you can save on taxes. The government gives different tax breaks on different types of items we purchased. Say you purchased a solar heating or solar power system. Because these are some of the things the government would like us to purchase it can say you money.
I read this article today that was from 2009 by a lady named Sandi Smith. She has some very legit ways to relax during tax season. Lets face it dealing with taxes is definitely one of the most stressful times of year. So here is the article. http://accountant.intuit.com/practice_resources/articles/practice_development/article.aspx?file=ss_TaxRelax2009
I really like some of the ways she points out on how to relax. Its very interesting. One way to avoid stress during tax season is having a professional handle your taxes for you.
That’s why a place like Advance Tax Services is the way to go. We can handle your individual taxes, prepare your books for you, help your small business. Instead of having to deal with all the stress of everyday live on top of your taxes let us take a little bit of the load off and help you.
Don’t we all know someone in our says something like that? Like “Back in my day they didn’t have the internet, we had the the United States Postal Office. We communicated through letters. None of the email of social networking stuff”.
Well times have definitely changed. Filing your taxes through the internet definitely seems like less work then filling out your taxes by hand but here the problem. You don’t know all the tax rules or different deductions that our out there now. You don’t know if you can truly meet the criteria that is need to get all those different deductions.
Trusting a professional is always the best way to go when filing taxes. They are current on all tax breaks and have extensive knowledge with all the different changes that have been made over the last year. The advantage of filing through the mail sure its time consuming but at the end of the day you know what exactly is going on in the tax world.
As you know its that time of year when people begin to do there taxes. There are a few different ways to help cut your taxes that could help you if you owe the federal government.
#1: Think Green: If you did some home improvement of the last year and had some sort of solar powered system put into your home there are different tax credits available to help you cut your tax bill down.
#2: Keep track of your sales tax: Keeping as many records as possible for all the different purchases you have made over the last year can really help you save when it comes to taxes. You can get up to 50% of those taxes written off.
#3. Keep Track of your Donations: If you were able to donate clothes, furniture, a vehicle, etc.
uqeOne of the most important things you can look for while doing your taxes is looking for different ways to write off expenses that occurred doing business related situations. For example say you have a job in Albuquerque, New Mexico but you live in Santa Fe. You commute everyday five times a week to go to your jobs. Those miles will pile up fast on your vehicle. The amount of miles you put on your car and the amount of money you spent on gas can both be write offs.
Little things like this are important as far as cutting yourself a break when doing your taxes. Time is money so why not save more on your tax bill and come visit us today to find out what other tax cuts we can get you and deductions you qualify for.