Saturday, April 10, 2010

You Still Have Time to File Your Taxes

April 15 is D-Day, the day to file your federal taxes. If you don't file your taxes on April 15, ask for an extension. If you are getting a refund you can file your taxes at any time although the IRS prefers you do so by April 15 each year.

If you owe taxes it is best to work with the IRS as soon as your file your taxes to setup a payment plan. Be sure to keep all of your receipts for future reference. Here are 13 deductions you can claim on your 2009 taxes.

1. Uniforms, job supplies
2. Higher education expenses
3. Purchase of energy efficient appliances and vehicles in 2009
4. Tax preparation fees
5. Job related training
6. Home office business expenses
7. Mortgage refinance fees
8. Charitable donations (cash and non-cash)
9. State Sales Tax
10. Property and estate tax deductions
11. Earned Income Tax Credit
12. Job research expenses
13. Foreclosure tax relief

Take your time if you prepare your taxes yourself. If you use an automated tax preparation tool like Tax Cut or Turbo Tax most of the laws are already installed in the tool so it is less likely that you will make an error or get audited. If you got a refund in the past and never received it, contact the IRS to get your money. The IRS has billions of dollars in refunds that were never picked up by taxpayers. Good luck.

No comments: