Tax deduction

Money Saving Tips For Taxes

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If you want money saving, one area you might be considering saving in is taxes. There are many potential reasons you could get a tax break. Therefore, before filing, make sure you look into them. Here are 4 categories that might qualify:

Job search

First of all, if you switched jobs, started a business, or conducted a job search, you could qualify. You can claim the job search expenses, such as making resume copies, placement agency costs and attending seminars for careers. If you had moving costs related to your new job, this could be tax deductible. The tax moves … Read more at 2011 Taxes.

Unusual Tax Deductions Can Be Risky

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Should you take a risk on tax deductions? My answer would be no. The turbo tax software site says the same thing. I am not one to take such risks. However, others have dared to boldly go where no tax payer has gone before.

One group of accountants in Minnesota decided to take a survey to compile a list of unique and strange tax deductions. It is a good thing their accountant talked them out of claiming such things or else they would get an angry letter from the IRS.

It is amazing what some people try … Read more at 2011 Taxes.

4 Overlooked Tax Deductions That Yield Big Rewards

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Tax time is upon us. While some people look forward to this time of year, many more dread it as they think about the amount of money that they may have to pay. It must be done, so let’s work at getting the most money back. After all, the IRS claims that millions overpay each year.

1. State Income Taxes
If you paid state taxes last year, then you are eligible to subtract them from your federal taxes this year. Make sure to know the exact amount that you paid in these taxes, so that your return is not delayed.… Read more at 2011 Taxes.

The Brownback Plan For Taxes Is Not Well Thought Out

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The Brownback plan for 2012 taxes has not been thought out very well by the Kansas Governor. Many of the people who are lower class income or below will see a rise in paying taxes, whereas those in a high class income will see higher tax cuts. These figures were produced by the Governor’s own Department of Revenue, showing that the plan will work like a Robin Hood movie in reverse, taking from poorer homes and giving to richer homes.

Brownback’s plan reduces the highest tax bracket to barely five percent, and leans heavily on eradicating tax deductions and … Read more at 2011 Taxes.

Rules for Charitable Contribution Deductions

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Charitable contributions made to qualified organizations through the year may help reduce your tax bill.  Many organizations give donors pertinent details about their tax-deductible donation including the amount that can actually be reported on your tax return.  The following tips may help ensure donation made will be beneficial on your taxes.

  • Make sure you report charitable contributions on the correct form. The IRS states that form 1040 must be used to itemize deductions using Schedule A.
  • Upon reporting the deduction, make sure it was made to a qualifying charitable organization.  Contributions reported shouldn’t be donations made to individual or political
… Read more at 2011 Taxes.