The dreaded tax season is here--time for moms to start figuring out those deductions. While marriage and a new baby are obvious life changes to put on your tax forms--mom, attorney and certified financial planner Elizabeth Potts Weinstein has five easy suggestions to make sure that you get the most out of tax time:
1. Technology is your friend: If you do your own taxes, use a preparation software instead of going it alone. Weinstein swears by Turbotax, which will prompt you by asking specific questions about your lifestyle and expenditures. Or, call a tax preparer for help.
2. If you're a do-gooder, keep track: "People don't realize how much they are actually donating; even cleaning out your basement or garage could add up to hundreds or even thousands of dollars. If you donate to charity, it's best to get receipts and itemize it on your taxes," says Weinstein.
3. Check your medical bills: While not every Mom will qualify for claiming such expenses, if you spent 7.5 % (or more) of your adjusted gross income on medical expenses for your family, claim it! It's also good to look at your employer and see if they have a health savings account or flexible spending account to help you stretch your dollars further.
4. Have you gone green? Weinstein recently was able to get a rebate from her local government for buying an energy efficient appliance. Several states have similar programs. Buying a car in the near future? Go hybrid; the federal government will give you a credit off of your income tax next year.
5. Business expenses?: Owning a small business opens up a long list of things you can deduct such as mileage, home office equipment and supplies, travel, conferences--
LINK: http://www.momlogic.com/
