Seven Quick Tax Tips
Tax time. Not fun. So we've found some really useful (and understandable) tips from the Taxation Committee of the Iowa Society of CPAs. Here are 7 excerpts from their many informative tips:
- Saver's Credit – In addition to any other deductions and exclusions, eligible taxpayers may receive a non-refundable tax credit of up to 50% of $2,000 contributed to a qualifying retirement plan.
- Long-Term Care (LTC) Insurance – Certain qualified LTC premiums may be deductible as health insurance premiums.
- Education Tax Credits – The American Opportunity Credit allows a partially refundable tax credit of up to $2,500 for the first four years of college.
- Moving Costs – For a work-related move that is more than 50 miles, you may deduct the cost of transporting your family and belongings, and qualified lodging (but not meals).
- A loss on the sale of a principal residence is generally not deductible.
- Unemployment Benefits – Unemployment benefits are taxable.
- Energy Tax Credits – Many energy credits are available for qualified home purchases and improvements including, but not limited to, energy efficient doors, windows, insulation, heating and cooling systems, biomass furnaces, geothermal heat pumps, solar hot water heaters, and wind turbines.
A great way to make money is to save it with savvy tax planning and preparation. What tax tips have helped you? Let us know!