|
||||||||||||||||||
|
|||||||||||||||||||
Where's my refund? - Check this IRS website for your federal refund and this Arizona site for your AZ State refund.
Max out your retirement contributions – Whether it be a 401(k), 403(b) or Simple Plan, check to see if you've contributed the allowable maximum. Sheltering these extra dollars reduces your adjusted gross income and that might make you eligible for certain tax deductions and credits based on income and may even push you into a lower tax bracket.
Get into the giving spirit – Seasonal cleaning may get you more than just some extra closet space. Clothing and other items make great tax deductions if you plan to itemize.
Charitable Driving and Renting
Perhaps the holidays find you volunteering at a hospital or homeless shelter. Those miles you drive to get there and back are deductible, at 14 cents per mile. Likewise, if you drive to donate a gift or food to charity, your mileage is deductible in addition to the gift you gave. If your role at the volunteer site means you rent a costume to dress as Santa Claus, the price you pay for the red suit is - you guessed it - deductible.
Donate to public schools for a tax credit on your 2004 tax return - A tax credit is a dollar-for-dollar reduction in the actual tax owed. For example, if you owe $800 in state income taxes and you donate $250 to a public school for extracurricular activities, you may subtract the $250 from your tax bill and pay the state just $550. The DEADLINE is December 31, 2004.
Most Public Schools have a website where you can obtain more information or make your donations online. You can also drop off your donation in person at the Schools District Offices.
Mesa: 63 E. Main Street, 6th floor in downtown Mesa, Arizona. 480-472-0000 https://mpsaz.mytechsupport.com/eca/
Gilbert: 140 S. Gilbert Rd Gilbert, Arizona. 480-497-3300 http://www.gilbert.k12.az.us/taxcredit.html
Apache Junction: 1575 W. Southern Ave Apace Junction, Arizona 480-982-1110
If your move is closely related to the start of work at a new job location, you may be able to deduct unreimbursed moving expenses on your federal tax return. You must also meet certain tests relating to distance and time.
If you're a first-time home buyer, you should know that mortgage interest, “points” paid to obtain the mortgage and real estate taxes are expenses that taxpayers may itemize and deduct to help reduce the amount of taxes owed. Other such expenses include medical costs, certain state and local tax payments, charitable contributions, casualty losses and certain miscellaneous deductions.
If you sell your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return when it's time to do your taxes. To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.
And don't forget to report your change of address to the U.S. Postal Service and to the IRS, so you can continue to get your tax forms and tax refunds.
Related Items:
 |
||
| © 2007 |
|
480-354-1040 Fax 480-354-1041 Toll Free 877-945-1040 |
|
|
||
|
Securities offered through |
||
