So here we are at the end of February and little more than 6 weeks to go until the filing deadline.
So here are few things to keep in mind if you haven't filed your taxes yet.
1. Unless you are in danger of being evicted from your home or having your car repossessed, DO NOT take a Refund Anticipation Loan. These cost you not only bank fees but an enormous amount in interest.
2. If you itemize be sure to remember to include those non-cash charitable deductions. You know, those clothing and old furniture donations to Goodwill. Keep the receipts they give you.
3. If you are a sole proprietor don't skimp on legitimate business expenses. There is nothing to fear if you keep your receipts and a log book for miles. And, if you have a home office, those expenses are partially deductible too!
4. Consult a tax professional if you have any questions or confusion about what credits or deductions your are entitled to.
So here are few things to keep in mind if you haven't filed your taxes yet.
1. Unless you are in danger of being evicted from your home or having your car repossessed, DO NOT take a Refund Anticipation Loan. These cost you not only bank fees but an enormous amount in interest.
2. If you itemize be sure to remember to include those non-cash charitable deductions. You know, those clothing and old furniture donations to Goodwill. Keep the receipts they give you.
3. If you are a sole proprietor don't skimp on legitimate business expenses. There is nothing to fear if you keep your receipts and a log book for miles. And, if you have a home office, those expenses are partially deductible too!
4. Consult a tax professional if you have any questions or confusion about what credits or deductions your are entitled to.
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