Posts tagged "Getting Ready for Taxes"

Consider the Following Tax Tips

End of The Year Tax Considerations

For starters, remember that you should get in all of your charitable donations. Several charities will be asking for your help, especially around the holidays. So keep in mind that you will want to walk away with the necessary paperwork once you donate. If you have household goods to donate, make sure you get a receipt. You will want a letter from the charity stating the amount of money you have given them this year. Also know how much you can legally deduct. Talk to your tax adviser to determine this number. It will all depend on previous donations and whether you are filing with your spouse or as an independent filer. Donations from a business will also differ so determine these things before you run into tax problems later.

If you are a student yourself or have a dependent in school, make sure you get student loans nailed down. Know exactly what has been borrowed in anticipation of this statement. You may be qualified to receive interest deductions from federal student loans.

If you have moved for a job, make sure that you have all of the necessary paperwork and receipts in order. Even if you do not itemize, you can deduct the cost of moving to a new job, given that you moved more than 50 miles.

Deductions for home improvements may be deducted. As part of new green initiatives enacted by Congress, certain improvements to make your home more energy efficient can be deducted from your taxes. So if you are considering adding new solar energy mechanisms or adding more energy efficient windows to your property, try doing them before the end of the year.