As 010 winds down, holiday planning replaces memories of summer.  The kid’s fall sports are over and have a brief week’s respite before Thanksgiving and Black Friday’s kickoff on the grid-iron. For many of us this “pre-season” lull is us to plan holiday logistics and finances.  It also provides the perfect opportunity for a quick tax that may ruce r tax bill, providing ext cash for presents and holiday tvel.  Today, we’ll discuss two surprisingly simple steps can take to make r holiday burdens a tad bit lighter and this year’s season a few shades brighter.

Step One – Be Aware.  More situons lend theelves to tax crits (genelly a dollar for dollar ruction in tax due) or tax ductions (a ruction in income subject to tax) than may think.  Two of the primary reasons individuals and families pay too much tax is: 1) They are not aware that a particular crit or duction exists, or ) The tnsaction(s) that create the tax-saving opportunity are either forgotten, not properly document, or too difficult to find under April 1th’s looming shadow.  If take a few minutes to become aware of common situons that lend theelves to tax savings it will not guantee a crit or duction.  It will, however, ensure the opportunity is not lost simply because didn’t know.

Below is a list of common situons that may result in a crit on r 010 tax return.  A crit may be available if find rself part of any of the following scenarios:

Here are some situons that may result in an “ae-the-line” tax duction, rucing r fel and state taxable income regardless of whether itemize ductions or not:

Step Two – Get Organiz:  Create a 010 tax folder or envelope (a large manila envelope will do fine). this article and the list ae.  If find rself in any of these situons, highlight or mark them.  Then, gather receipts and documenton relat to the mark ite and place them in r new 010 tax folder.  Include notes of relat crit card charges or checking account tnsactions.  Place r tax folder in a safe locon.  When tax documents to arrive early next year place them in r tax folder.

Becoming aware of potential tax-saving situons and applying a little organizonal skill can go a long way to rucing r tax bill and help pay holiday expenses.  Today, I list number of situons that may lend theelves to tax crits and ae-the-line ductions.  I did not have space to list them all and didn’t even mention ductions available to those who itemize – a topic to discuss in the future.  As always, if should have any questions or ne to consult with a tax professional, please feel free to call our office.

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