Take back what’s yours at tax time
If you do your own taxes, I hope you seek out every legitimate tax deduction. After all, why should the government be allowed to keep even more money than it is already taking away from hard-working Americans trying to make ends meet? There are plenty of tax deductions out there, including ones we don’t always think about unless they are brought to our attention. Here are 5 of them:
• Charitable Contributions. If your gifts are made to a qualifying charitable organization, they are tax deductible. Most non-profit organizations and churches are included in this group. To qualify, the group must be a 501 (c) (3) organization. If it’s a non-cash donation, such as food or clothing, it must be deducted at fair market value. If you claim the value of non-cash donations as more than $500, you must fill out and submit Form 8283.
• Job Search Expenses. If the government is telling you the unemployment rate is low but you can’t find a job, make them pay for their wrong information. Some of the costs you incurred looking for a job can be claimed on your taxes, assuming the search was within your occupation and there was no significant break between your last job and your current search. Your job search expenses must be 2 percent or more of your adjusted gross income.
• Personal Property Taxes. You’re probably already including home property taxes on your form, but you might also be able to claim personal property taxes on a car or boat. The taxes you incurred must be imposed on an annual basis and must be based only on the value of the asset.
• Retirement Plan Contributions. Contributions to Roth IRAs are not deductible, but those made to traditional IRAs and SEPs (Simplified Employee Pension) might be. There are contribution limits each year (for example, $5,500 to an IRA or $6,500 if you’re 50 or older for tax year 2014), but this is definitely worth checking out.
• Mortgage Interest and Points. You are allowed to deduct both annual mortgage interest on your home and any points you paid toward a home purchase during the tax year. For more details on this, see IRS Publication 936, titled “Home Mortgage Interest Deduction.”
Are there other tax deductions you have taken you’d like to share? Our readers would much appreciate it.
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Sorry folks… How about proof reading your articles before publishing them! Just a thought. It advocates your position on due diligence, especially on the communication end.
Great Stuff ,It Would Of Been Better, To Pay Paid With Papal ?
my wife was wanting form name some time ago and was informed about an online platform that has lots of fillable forms . If others are wanting 2014 IRS Instruction 8283 as well , here’s a Form Noncash Contributions
Oh forgot, the cost for doing these trades in your brokerage account may be tax deduct able too depends on how it is set up.
Can also include 401s if one qualifies. I have handle 5 – 401s and 3 IRAs for about 15 years, the biggest problem I have found is what these custodial are allowed to invest in when the company has control of where money is deposited first of each month. Example company X is starting 401s for 1000 employees, no matching will be done, a bank contractor will tell company ” we have 3 – 401 plans for $300, $500 and $700, which one would you like your employees to use for their 401s mutual funds”. So only mutual funds which are in these plans will be allow to be used. . This does not need to happen. A company can at any time “take” some or all 401 money in these plans. Do not believe me ?? Go ask a lawyer. End example. This is USA, this should not be legal, just like gov taking savings or checking account money when they want to. As for 401s or IRAs, it is better to have these accounts at a broker or bank under your control where you can invest the money where you want to, following the laws which are in place. Brokers and banks are all not equal, but if you talk to these people you could have a trading account for stocks, mutual funds, options, FX and Futures all in one.
When I trade I do not do any naked calls and if sell to open a put, I am ready to have the stock put to me at any time. There are many ways to trade safely, using theta from options far from price is one way. Good Luck all.