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Plain Language Place .com - "The Place to Learn About the Stock Market - in Plain Language" |
How to Pay Less Taxes and Keep More of Your Own MoneyWhile it seems obvious that you should pay only the taxes that you have to, many people don't. You could be surprised how many people overpay the government every year. They are.There are several things you should do to make sure you pay the government only what it requires. Be sure to take all the deductions allowed by law. It is certainly your right to keep as much of your hard-earned money as you can. A professional tax preparer and many software packages and Internet services will help you find them with the questions you answer. You can complete your own tax return, and I've done it many times. But you might miss normal deductions that a professional will know about. Before you hurry out to their offices with your pile of financial records, though, be prepared to save you both time and possibly save you money. Now your recordkeeping efforts really can pay off. Bring a spreadsheet or list of all your expenses for the year. Hopefully you can just review and update your Income and Expenses from your personal recordkeeping efforts for the year. Don't forget these items: If you run a business from your home, be sure to include the same or more detail for your business income and expenses. Be sure to break each down into major expense catagories like: Home office costs are calculated on a percentage of space you use for your office. Measure the space that you use exclusively for your business. Use the percentage you get from the square footage percentage of your office space over the total square footage of your home (or rental). This percentage can be deducted as a business expense for each of the following: If you use an online tax preparation service, you will need the same information anyway. Even if you don't file using Internet or tax software, I recommend that you use one to make sure you thought of everything you will need, before you see a tax preparer. If you have a fairly simple tax return, this Internet service might be perfect for you. You can sit at your desk where all your records are, and get it done in no time. Here is one of the tax preparers you can check out. They use eFile for quick returns and make it easy to get YOUR money back.
Get Refunds from Past Tax Filings
Are you due a larger refund from a previous tax year? Need to add a W-2? Forgot a tax credit?
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by PLP's
Ken Mueller
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