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It is no question everyone hates tax season but if it’s not too late there are still some things to help you save some dough. Try to start during the year and be strategic as the tax season approaches. Start by saving all receipts that could possibly be business related; keep them in a safe place because they can later be used for a write off.
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Don’t forget to look for deductions; people tend to miss out on big ones that could really save you money. By taking just the standard deduction you may be missing out on a number of other ones you are entitled to. Also take all tax credits that apply to you. If you have children under the age of 17 you could receive up to a thousand dollars in credit.
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Sometimes you have to take a loss. If you have done well in any investments, like stocks, in the past fiscal year you are increasing your capital gain and will be taxed. Sometimes it is a better idea to offset any large gains by selling, but do keep in mind that you can carry over money lost from the previous year if that will help.
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Remember all those charitable donations you have made or could be making. They should not be done just for a better tax cut but charities definitely can help. Always remember to get receipts for any donations you have made that are large enough to use for a deduction. If you are fortunate to have plenty of money, give some gifts if possible. You can give up to $12,000 tax free to people you have chosen and if you are retired this could be a great way to reduce it from your estate tax at a later date.
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If you have kids you can also put them to work. By doing chores around the house kids who are 14 and over can be on your payroll. You can shift some money around to land in a lower tax bracket. The only down side to this may be if they are applying for financial aid it may affect their chances. Remember to always double check yourself. Errors that have been discovered total up to millions of dollars that taxpayers have lost over the years due to careless mistakes. So, stay organized, be smart and next year tax season may not seem so bad.
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