My last post included twelve ways to save during major life events, and this new post continues with eleven more ways to save at tax time.
1. Your spouse may have business dealings that effect your tax status, and you should get a copy of any pertinent business tax returns before your divorce becomes final.
2. Consider using a free TurboTax version to be sure you understand your deductions regarding alimony and child support.
3. Record the time that your child spends with you and the time spent with your former spouse. You may need this information for court proceedings or at tax time.
4. Pay your child a wage if appropriate. You may be able to shift some of your income and move into a lower tax bracket this way.
6. Remember that home office deductions may include things such as portions of rent, cleaning, depreciation, and utilities.
7. Include business courses, conferences, seminars, and printed materials related to your work when considering tax deductions.
8. List mortgage interest and relevant property tax payments as deductions.
9. Include the points that you paid toward your home loan.
10. Add funds to your Individual Retirement Account at the beginning
of the calendar year.
11. Deduct any bad debts that are unrelated to your work or business. Using these tips may help you make the most at tax time, especially if you combine them with guidance from TurboTax.