Date: Fri, 19 Dec 1997 03:09:34 GMT Server: Apache/1.2.4 Last-Modified: Tue, 30 Sep 1997 14:44:00 GMT ETag: "106c0df-e37-34311030" Content-Length: 3639 Accept-Ranges: bytes Connection: close Content-Type: text/html
Did you know??? (How to save money on taxes)
The following are 5 overlooked ways to save money on your taxes:
1. If you had an early withdrawal penalty from a CD or other savings account
remember to deduct it on your income tax. You need not itemize to deduct
the penalty. You may deduct it as an adjustment to income on line 28 of
form 1040.
2. Cost of looking for a new job in one's present line of work are tax
deductible, even if you don't find a new job. Costs for looking for
a new job in a new line of work are not deductible even if a new job
is found.
3. Many taxpayers overlook expenses they incur doing work for charitable
organizations. Although there is no deduction for your time spent you
can deduct transportation costs to get there.
4. You can deduct the fair market value of donations of clothing,
household goods, furniture, books, etc... to charities. Just make sure
to make a list of the items donated and have it signed by the charitable
organization.
5. Taxpayers who are over 65 and/or blind are entitled to an additional
standard deduction amount. The dollar amount varies from $750 for each
married person to $950 for a single person. Taxpayers who are over 65 and
blind are entitled to double these amounts.
There are many over looked ways to save money on your taxes. Don't keep giving your money away to the government. Doing your taxes yourself can cost you more than you might think. The professionals at Gilman + Ciocia know the tax laws and will help you get the largest refund possible.
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