Income Quick Refunds Tax

Posted on January 30, 2012 by Admin
Income Quick Refunds Tax

Income Quick Refunds Tax

Many taxpayers with simple deductions and investments can file on their own, and there are many places to find free tax help for those who choose to do so. However, even those who hire someone to prepare taxes will benefit from keeping proper records.

Tax Records

Whether it is a a hanging file, shoe box, or paper bag, set aside one place to keep expense receipts that might qualify for an income tax deduction. These would include, but are not necessarily limited to:

  • Monetary charitable donations
  • Receipts for donations of used clothing or other items provided to organizations like Goodwill or the Salvation Army
  • Non-reimbursed medical care and prescription charges, including premiums paid for coverage.
  • Job-related expenses such as the cost of uniforms, journal subscriptions, dues paid to professional organizations, or non-reimbursed mileage.
  • Non-reimbursed losses due to theft or damage
  • Childcare expenses
  • College tuition for a dependent
  • The cost of making money, such as commissions paid to a stock broker.
  • IRA contributions
  • Expenses related to any non-W-2 related income (see below) such as contest/submission fees for writers; supplies for making crafts; etc.

Some expenses, such as medical, are not deductible unless they exceed a certain percentage of income. However, it makes sense to save receipts in case a family member does incur unusual expenses sometime during the year or someone loses a job and ends up paying insurance premiums under COBRA or for individual coverage.