|
Tax Links
IRS
Announces "Dirty Dozen" Top Tax Scams
Don't Miss These Valuable Tax Deductions
Tips and
Taxes: What You Need to Know
Deducting
Employee Business Expenses
Kiddie Tax
Changes and Other Child-Related Tax Questions
Convenient Electronic Tax Payment Options
Standard
Deduction or Itemizing: Which Is Right for You?
Tax Check: Is
Your Filing Status Accurate?
|
It's tax season and there's no better
time to think about saving money than on your taxes. Start by adding
up your various deductions — such as charitable contributions,
mortgage interest, real estate taxes, and miscellaneous expenses —
and see if they exceed your standard deduction. If they do,
you should consider itemizing. Here are other money-saving
tips to help you tame your taxes:
-
Contribute the Maximum:
Donate as much as possible to tax-deferred retirement
plans — 401(k), 403(b) defined benefit plans,
investments, etc. This will reduce the amount of money
that's tax on a yearly basis.
-
Take Advantage of Potential
Tax Credits: For example, two education credits are
available for education expenses paid for you, your
spouse, or your dependents.
-
Meet the
Filing Deadline:
File your federal income tax return on time to avoid
penalties. If you can't make the deadline, request an
extension using Form
4868.
If you have complicated tax
issues, seek the advice of a Certified Public Accountant. As
tax advisors, CPAs assist clients with personal and business
tax planning, preparing income tax returns, and representing
individuals before government agencies at federal, state,
and local levels.
Important Resources:
IRS.gov
Volunteer Income Tax Assistance Program (VITA)
Brought to you by the North Carolina
Association of Certified Public Accountants in cooperation with the AICPA.
©2007 The American Institute of Certified Public Accountants |
