To help you with your tax returns here is a summary of tax cost savings tips that you should keep in mind when filing your taxes. If you go over this list and think you may be missing some of your tax breaks, it would be a good time to file an extension so that you can claim all your savings. If you are looking for more details about each of these tips you can find them at our money clip savings blog http://www.crazy4moneyclips.com/money-clip-blog.
1) Don’t overpay property tax
- house values are down, taxes should be down. Check with your county to have your property assessed and potentially lower your tax rate. Also, remember to take the appropriate property tax deductions.
2) Know when to File your own taxes
- If you are using the EZ form, it's probably worth doing your taxes yourself.
3) Make sure you get appropriate tax credits
- check out the complete list of savings at IRS.gov
4) Take advantage of health care and childcare spending accounts
- for things you are going to spend money on anyway, don't pay full price. Make sure you get the tax credit you are entitled too.
5) Check the number of deductions on your W4
- lots of people like getting money back so they claim too many deductions and while they do get money back, they have basically been loaning money to Uncle Sam all year.
6) Pay taxes on time or file deferral
- Make sure you pay on time or defer so that you won't pay penalties.
7) Contribute to a 401K Plan
- This is the best deal in town, yet many people don't contribute. Contribute to your companies plan to the max if at all possible.
8) Deduct Business Expenses
– Save your Receipts - Many times we are so busy that we don't save business receipts that could save us money. Take a shoe box and drop receipts in it so that you have them when you need to use them for deduction purposes.
9) Income < $57K, get FREE tax preparation
. No such thing as a free lunch, but there is free filing for those earning under $57K
10) If you can not freefile then efile
- efile saves time. Saving time saves money. Try it.
11) Remember your many house deductions
- Your house is a little pot of tax savings monies. Make sure you look thoroughly at everything you can claim on your house irs.gov.
12) Take the Earned Income Credit if You Only Worked a Little
- If you only worked a bit, check out the Earned Income Credit.
13) Tax Credits for College
- New breaks for college, up to four years.
14) 2010 Haiti Donation Deduction
- If you contributed to charities in Q1 2010, you can deduct the monies on your 2009 tax returns. This is unusual. Take advantage of it.
15) Don’t miss out On 2009 popular tax breaks.
There are many one time tax breaks and credits for home efficiencies and green living. Make sure you are getting the credit you are due.
16) Don’t forget to take your losses.
For the many who've lost money in the market. Don't forget you can right off $3K/year
These tax savings tips brought to you by http://www.crazy4moneyclips.com. Crazy4MoneyClips brings consumers money savings tips in order to help them save money and keep it in their http://www.crazy4moneyclips.com money clip.
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Contact: Billy Wilson