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Tax Tips!. Providence Financial Solutions, LLC www.pfsmobile.com tax@pfsmobile.net 540 809-9960. Deductions vs. Credits. You’ll save the most money on your tax return by making sure you know about every possible tax deduction or credit.

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tax tips

Tax Tips!

Providence Financial Solutions, LLC

www.pfsmobile.com

tax@pfsmobile.net

540 809-9960

deductions vs credits
Deductions vs. Credits
  • You’ll save the most money on your tax return by making sure you know about every possible tax deduction or credit.
    • Tax Deductions: Deductions reduce your taxable income before your tax bill is calculated.
    • Tax Deductions : Credits reduce your tax burden after your tax bill is calculated.
the most overlooked tax deductions credits
The Most Overlooked Tax Deductions/Credits
  • Dependent Exemptions
  • Earned Income Tax Credit
  • Child and Dependent Care Credit
  • State Sales Tax Deductions
  • Charitable Donations
  • Job-search Expenses
  • Moving Expenses
  • Previous State Tax Liability
  • Mortgage Refinance Points
  • Retirement tax savings
  • Military Reservists' Travel Expenses
  • Educational expenses
  • Energy-efficient home improvements
last minute tax tips
Last Minute Tax Tips
  • You can still file an extension
  • It’s not too late to make tax-deductible IRA contributions
  • Filing electronically can be quicker
  • Even when rushing, do a careful review
  • Don’t forget this year’s newest forms
  • Get organized for next year now
irs audits
IRS Audits
  • The IRS examined 1.1 percent of all individual tax returns in 2010 and 2011, so the chances that your tax return will be audited are only about 1 in 90.
  • But the odds of an audit can increase substantially depending on your income, types of income, deduction amount and changes you have made since filing your last tax return.
  • The IRS uses a computerized process to check all tax returns for math and clerical errors.
  • The IRS also runs tax returns through a process that compares the information you report from your bank,  employer, and W-2, 1099 and other forms and documents.
what triggers an irs tax audit
What Triggers an IRS Tax Audit
  • Large amounts of income not subject to tax withholding.
  • Unusually large amounts of deductions claimed than seem reasonable when compared to your income.
  • A large number of dependent exemptions claimed that doesn't square with reported SSNs, tax withholding allowances and so forth.
  • Large deductions for charitable contributions, casualty losses, home office expenses, and travel and entertainment expenses.
  • Indicating a change of address when not reporting a sale of your residence and not changing your home related deductions.
3 tax planning strategies 2013
3 Tax Planning Strategies 2013
  • These strategies will help to implement a better system to make your 2013 tax information even more of a breeze to pull together.
    • Create a system that helps you to track all of your income and expenses more thoroughly. This can be as simple as an excel spreadsheet that you use to track your expenses over the year. You can also use a software or web-based program such as Mint. There are also several App’s on smartphones that will do the trick.
    • Are you too strapped for time to interview multiple tax preparers this year? Make time next year by starting now. Ask friends and family for their recommendations and don’t settle on the first person you interview. After all, the right tax preparer could make a difference between thousands of dollars in unclaimed expenses over time.
    • It’s in your best interest to make regular contributions toward a retirement savings rather than one large lump sum because of dollar cost averaging. If you’re not already doing it, set up an automatic weekly or monthly payment to fund your IRA.
yvette s 2012 top picks to reduce your tax burden
Yvette’s 2012 Top Picks to Reduce your Tax Burden
  • Start a Small Business
  • Buy a House
  • Contribute to an IRA before 15 April
  • Go Back to School
  • Donate, Donate, Donate!