24 Tax Tips Show How It All Works
UPDATED: 8:39 am EDT April 17,
2007
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Tip 1: Not everybody files a return. What are the rules?Three things must be considered when determining whether you have to file a return: your age, your filing status and your income. Generally, once you reach a certain income level, the law requires you to file. The amounts are adjusted annually for inflation. More DetailsTip 2: Which tax return form should you use?You should use the simplest tax return you can, especially if you're still filling out your forms by hand. But choose carefully. The differences in these returns could cost you if you're not paying attention. More DetailsTip 3: Filing status makes a difference in your tax billWhat you ultimately have to pay the Internal Revenue Service rests in large part on your filing status. There are five official choices. More DetailsTip 4: Properly defined dependents can pay off Dependent claims aren't limited to parents. An adult relative could qualify as a taxpayer's dependent as long as he or she meets certain Internal Revenue Service conditions. More DetailsTip 5: Tax help in caring for your aging parentMillions of adult children find themselves looking after aging parents. Tax laws offer some help, as long as you and your folks meet the criteria. More DetailsTip 6: Make sure your children are a tax credit to youOn 2006 returns, the child credit could cut a parent's tax bill by $1,000. This same savings-per-child amount will continue through 2010. More DetailsTip 7: Ways to electronically file your returnMore than 70 million taxpayers electronically filed returns last year. It was another e-filing record and the computer-relayed returns accounted for well more than half of the total 1040s the IRS received in 2006. More DetailsTip 8: Your online tax-paying optionsThe IRS is working to convince taxpayers that they should go the electronic route when it comes to paying up. More DetailsTip 9: Don't overlook tax break of mortgage pointsMany homeowners overlook the tax break available for points paid to get a home loan. In some cases, points also could shave tax bills for folks who refinanced or got an equity loan or line of credit. More DetailsTip 10: Choose best deduction method for your situationThe Internal Revenue Service says most taxpayers use the standard deduction. The amount is different for each filing status and is higher for blind taxpayers and those age 65 or older. More DetailsTip 11: Tax breaks for gas saversGreen could have a double meaning for environmentally conscious motorists at tax time. Buyers of an alternative-fuel vehicle could find themselves saving money at tax-filing time. More DetailsTip 12: Tax statements you'll need to file your returnEmployers, banks, stockbrokers and other institutions and agencies that were involved in taxpayers' financial lives have, by law, until Jan. 31 to get their annual tax statements in the mail to taxpayers. More DetailsTip 13: Taxable vs. nontaxable incomeThere's not much the Internal Revenue Service doesn't consider taxable income, including salaries, wages, tips, commissions, interest and dividends and rent on property you lease. But there is much more to consider. More DetailsTip 14: Long-distance phone tax credit availableThe Internal Revenue Service has decided to stop collecting the federal excise tax on long-distance phone calls. More DetailsTip 15: Tax breaks for casualty, disaster victimsYou can count unforeseen casualty losses as itemized deductions. Of course, you have to fill out extra paperwork and keep good records. And you won't recover dollar for dollar the financial loss you suffered. More DetailsTip 16: Reporting gambling winnings, deducting lossesTaxes must be paid on all gambling winnings. And if you lost a few rounds before your numbers came up, there's a way you can turn those losses to your tax advantage. More DetailsTip 17: Maximizing your medical deductionsThe Internal Revenue Service lets you deduct medical costs as long as they are more than 7.5 percent of your adjusted gross income. More DetailsTip 18: Job hunting could help cut your taxesLooking for a new job might help you cut your tax bill. Under certain circumstances, job-hunting expenses are tax-deductible. More DetailsTip 19: A tax-deduction apple for teachersTeachers and other educators can deduct up to $250 that they spent last year to buy classroom supplies. More DetailsTip 20: When hobby becomes business, tax breaks followHobbies provide a great way to relax from the daily grind. For many people, they also offer a way to make extra spending money.More DetailsTip 21: Special deductions for elderly and blind filersThe Internal Revenue Service has special, higher standard-deduction amounts for taxpayers age 65 or older. In addition, there is a similar break for the blind, regardless of age. More DetailsTip 22: Make itemized deductions worth a 'bunch' moreThe problem: Your costs regularly fall just short of the income thresholds they must meet in some deduction categories. Get around this tax-reduction roadblock by bunching your expenses. More DetailsTip 23: Some taxes are useful in reducing your IRS billBy itemizing deductions, you can subtract many non-federal taxes you pay from your federal income. More DetailsTip 24: Work from home? Deduct your home officeWhether you are self-employed or an employee, if you use a portion of your home for business, you might be able to deduct the associated costs. More Details
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