The deadline for filing your taxes is just 2 weeks away. If you haven’t filed your taxes yet, you may want to visit TurboTax.com or an H&R Block very soon. Be sure to gather the documents that you need first so filing is quicker and simpler. If you itemize your tax return, you need to have a good idea of what you can deduct. Tax deductions are what gets you bigger refunds. You could save huge in tax preparation fees by being a bit organized. You can save a lot of time by getting all your required documents in order before you go to a tax preparer or start your tax return online.
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Here are some of the major tax deductions to consider:
Form 1098, or your mortgage statement
Form 1098, if you purchased a home in previous tax year, and prior tax return if you refinanced in prior year and are deducting points on that loan over its life
Investment interest expense: Brokers’ statements showing any margin interest paid and loan statements for loans taken out to purchase investments
Losses due to theft, etc., with description of property and insurance reports showing reimbursement or any cancelled checks showing value of property
Charitable donations: bills receipts or cancelled checks for cash donations, mileage records for charitable purposes, receipts from charitable agency with estimated value in the case of property donations, prior years’ tax returns for any unused charitable contributions
All work related expenses : Reimbursement check stubs or reports from employer, union dues, receipts bills or invoices for supplies, gifts to clients, any uniforms or special clothing, seminars attended, professional publications and books. Travel information including invoices receipts etc for transportation, lodging, restaurants, parking etc. Any job search expenses and job related educational expenses
Miscellaneous deductions like Tax preparation fees, cost of income tax return preparation software and books, safe deposit box rental fees from bank, IRA custodial fees, investment advice costs
Last year’s state income tax return, Forms W-2 and any cancelled checks for state estimates you’ve paid
Medical and dental expenses including Form SSA-1099, year-end pay stub for premiums paid through your after tax wages Mileage records for trips to the doctor, clinics, etc.
Real estate tax collector bills or cancelled checks and Form 1098 or closing statement if you bought, sold, or refinanced property in the tax year
Any tax bills or cancelled checks for personal property tax like automobiles etc.
Employee SSN and wages paid during tax year to any household employees
Records showing any estimated tax payments or overpayments for prior years.
Are you finished filing your taxes? Have you ever had to get an extension? Tell us about your tips and suggestions in the comments below.