| Everyone wants to get more money back at tax time. | | | | software programs like "Turbo Tax" and "Tax Cut" |
| Fortunately, there are legitimate ways of doing this that | | | | not only do all the math for you, but they catch credits, |
| not everyone has knowledge about. Take advantage | | | | tax breaks, and deductions you may have otherwise |
| of all the deductions and itemization available to you | | | | overlooked. They can pay for themselves over time |
| and you may be able to substantially increase your | | | | and they are much less expensive than an |
| income tax refund.o Don't forget to include your | | | | accountant.o Beware of tax anticipation loans. These |
| mortgage interest in your "itemized deductions." This | | | | are very costly and leave your refunds in the hands of |
| represents a sizable refund to many homeowners.o | | | | the tax preparation service. Not only will they charge |
| Just like mortgage interest, always include interest on a | | | | you substantially for preparing your taxes, but also |
| Home Equity Line Of Credit (HELOC) in your "itemized | | | | they will charge exorbitant fees and interest on the |
| deductions."o The Child Credit is not to be overlooked | | | | loan they offer until your rebate comes to you. Once |
| by parents wishing to get more from their income tax | | | | you sign on, the Internal Revenue service releases the |
| refund.o Deduct your property taxes under "itemized | | | | money to them and they take all of their deductions |
| deductions" if you are a homeowner.o You can deduct | | | | directly from your rebate.o You have heard more and |
| the License Fee charged you by your state | | | | more in recent years about the Earned Income Tax |
| Department of Motor Vehicles.o There is a value to | | | | Credit. Basically, if you earn under a certain amount, |
| things you give away to charities for Thrift Shops. | | | | you may qualify for a bigger rebate based upon the |
| Many of these places will offer you a receipt for items | | | | Earned Income Tax Credit. Find out if you are eligible. |
| you give away. Assign an honest value to these items, | | | | Everyone wants to get as big a tax rebate as they |
| as they are tax deductible under "Gifts to charities" in | | | | can. To get yours, make sure that you take |
| Schedule A of your 1040 income tax form. You might | | | | advantage of all the deductions and tax credits |
| want to take a picture of the items and save it along | | | | legitimately available to you. |
| with your receipt, in case you are audited.o Income tax | | | | |