Being a Doctor I am concerned about issues regarding your health and seeing that Tax day is Tuesday April 17 2012, there is a lot of stress at this time of year. Tax time can be worrisome so I decided to do something to help. To ease the burden I’ve done some research for you. We have scoured the IRS help files and Money.MSN.com for ways you can maximize your return this year.
Also, you can still maximize your return from previous years. Did you know that the IRS announced that refunds totaling more than $1 billion are waiting for one million people who did not file a federal income tax return for 2008? April 17 will be the last day to claim your chunk of that money. Doesn’t hurt to take a second look, does it?
And when you get that money back spend it wisely. Why not invest in your health and visit your dentist? In these times many people are cutting back, but you really can’t afford to give oral health the brush off. Oral health is important for whole body health; your smile isn’t all that’s at risk.
- The Earned Income Tax Credit is available to people earning less than $49,078 from wages, self-employment or farming.
- The Health Coverage Tax Credit. A portion of health insurance premiums can be paid for qualifying individuals and families.
- Deduct your Charitable Donations. This includes donated money and material goods such as food, clothes, old toys, electronics, books and furniture. It also includes covers costs associated with charities such as a school bake sale. You can claim the ingredients needed to bake with, and the mileage to get to the event.
- The Savers Credit. Contribute to a qualified retirement fund such as a 401k or IRA.
- Benefits for Homeowners. There are many credits and deductions for homeowners. If you own a home you may qualify for mortgage interest deductions, refinance tax deductions, energy tax credits, green energy tax credits, PMI premium deductions, capital gains exclusions from selling your home, moving expense deductions, home office expenses deductions and more.
- Child Tax Credit. For people who have a qualifying child.
- Child and Dependent Care Credit. You may qualify if you paid for services such as daycare, dependent care or summer camp so you could work, or look for work.
- Dependent Deduction. You may be able to deduct for costs associated with having a dependent. This can include children, relatives, even a boyfriend or girlfriend in certain cases.
- Student Loan Interest Deductions. Interest paid on student loans is usually tax deductible.
- Education credits. This is a credit for some of the costs associated with higher education such as tuition, fees and course materials.
- Tax preparation fees paid for filing the previous year’s taxes can be claimed in some cases.
- Job search expenses like resume copies, agency fees, career seminars, business related travel may be tax deductible if you actively searched for a job in the same profession.
Take the time and see if any of these tips can save you money because getting a big fat return from the government really feels good. In fact it just may make you smile. And after all that is what we’re all about; we just love to see you smile! Don’t forget to visit your dentist regularly!