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. So lets look at How To Save Money on Taxes, like using TurboTax.
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.
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 by having your eligible children pay the taxes.
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 this tax year.
8. List mortgage interest and relevant property tax payments as deductions. Hopefully you can these deductions and not settle for the standard deduction.
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 on how to save money on taxes.