When faced with a choice of deducting either your actual auto expenses or the mileage deduction for business-related driving, take the mileage deduction. It’s a better deal with gas prices so high. Mobile apps such as Outright can make it easy to log your mileage as you go.
Tax Tip Tuesday
Taxpayers collectively get roughly $100 billion annually in mortgage interest breaks. If you just bought a home or refinanced in the last few years, the savings are even more significant, since more than half your monthly payment goes towards interest.
Schedule a mid-year tax planning appointment if your financial situation will change this year from last year. If you plan to get married or divorced, buy or sell a home, start a family, or experience any other financially-altering event in 2014, it’s a good idea to meet with a professional to do some tax planning. […]
Consider leveraging itemized deductions by bunching deductible expenditures every other year, while taking the standard deduction in intervening years.
If you’re afraid of e-filing, consider this: Not only will you get your refund faster, but paper returns have a 20 percent error rate, compared with 1 percent for electronic returns. That’s partly because IRS personnel tend to make mistakes when they have to enter your information manually.
Did you know that Uncle Sam lets you deduct some of your tuition costs? Depending on your income, you can deduct up to $2,000 or $4,000 of college tuition and related fees.
Adjust your 401k deferral to max contribution for the year. This will help reduce your tax bill for 2013.
If you are receiving a refund from the IRS, request direct deposit to receive your money faster.
Deductions for charitable donations can offer substantial tax savings, thereby making a large and profitable difference in your refund.
Getting started early is the hardest, but most important, part. Just taking the first step – as simple as putting all your tax related documents into one big box, envelope, or pile as you receive them in the mail!