Claim, claim, claim, deduct, deduct, deduct. That’s the name of the money-saving game when it comes to paying taxes. According to Kiplinger’s Personal Finance magazine, most of us are paying Uncle Sam way more than we need to simply because we are ill-informed. By reviewing current tax laws there’s a good chance you can cut your tax bill in half. For example, did you know that you can write off the casserole you made and donated to your local soup kitchen? Financial experts maintain that if generous Americans kept better records, they could easily increase the amount they list as … Continue reading →

Just because you didn’t make a ton of money last year doesn’t mean you don’t have to file taxes by April 17th. Of course, if you only garnered a few hundreds dollars, then you might be able to skip filing with Uncle Sam, but the majority of Americans, even the ones considered “low-income,” earned enough money to warrant submitting some type of tax form. The bright side to that not-so great news is that the Internal Revenue System offers free help to low income wage earners who need assistance with their taxes. One of the mot popular is the IRS … Continue reading →

Now that you know how to save money on your taxes by deducting job-hunting expenses, let’s talk home businesses. According to the IRS, you may be able to save big bucks by writing off expenses related to what Uncle Sam refers to as the “business use of your home.” If you work out of your home–regardless of whether you rent or own–you may qualify for the deduction. The IRS defines a “home” as a house, condo, apartment, and mobile home, basically, any place that includes an area where you cook and sleep. A home office can be as large as … Continue reading →