Dallas Couriers: Know Your Tax Deductions!
Posted by Aynsley Kindig on Wed, Jan 26, 2011 @ 10:00 AM
I hope you read our Dallas couriers post yesterday about our tips for getting your taxes done. And I hope last night you went home and got organized and made a plan for tackling your taxes before April 15. As our Dallas couriers know, tax laws change frequently, so you have to keep up with the times if you want to get all the money you can.
Well, our Dallas couriers are on your side, so we have compiled a list of deductions to watch out for. Wouldn’t it be nice to figure out that you have more deductions than you ever imagined? Doing your homework can make all the difference in the world.
From our courier Dallas team to you, here are deductions to watch for:
- State Sales Tax. This is most valuable for those living in states without an imposed state tax.
- Reinvested dividends. Every investment increases your tax basis. Reinvesting your investments can mean a big subtraction on your taxes. This is one of the most commonly missed deductions/subtractions around.
- Out-of-Pocket Charitable Contributions. Did you buy wrapping paper from the local school? Did you bake something for a nonprofit organization? Deduction! Deduct the cost of your ingredients for the baked meal, your mileage to the organization and that wrapping paper cost. What an easy way to get a deduction!
- Student Loan Interest Paid by Mom & Dad. OK, this is cool. If you have a student loan that your parents pay for (be it a birthday gift, Christmas present or whatever), the money is tax deductible for YOU. The government treats the payment of the loan as if it is from you, even though your parents actually write the check. Sweet deal!
- Moving Expenses for your First Job. College students, this is good news for you. Keep track of your mileage, movers and anything else that meets the deduction.
- Military Reservists’ Travel Expenses. Our Dallas couriers truly respect and feel indebted to our service men and women. This deduction is for their expenses to meetings and drills. Keep it coming!
- Child Care Credit. Know what you spend on childcare, and deduct away!
- Energy-Saving Home Improvements. That water-saving toilet may save your some change. And if you’re super green and put in solar panels, expect a nice deduction. Helping save our planet pays off now and in the future.
Our Dallas couriers believe in getting all of the deductions possible. So stay aware of IRS happenings, it may just save you some cash in the end. Good luck, my friends - we are all in this together, let’s make our taxes happen!
Information taken from MSN article, “19 Most Over-Looked Tax Deductions”
Photo courtesy of mdollar.net