Money Saving Monday: Last Minute Tax Saving Ideas
Tax Day is approaching quickly! On Tuesday, April 17th, Americans need to mail in and file their state and federal taxes. But here are some last minute deductions that you might want to put down to make sure you are saving some money!
You can get tax deductions for…
- Spending money on finding a new job
- Contributing to a work health savings plan
- Contributing to your children’s 529 college savings plan
- Having your own health insurance and business
- Goodwill donations or any charity donations
- Church donations
- Medical Expenses
- Mileage or Uniforms involving charitable donations
- State-tax refunds for alternative minimum taxpayers (AMT)
- Write off your mortgage insurance premiums (if you make $100,000 or less)
But make sure that all of these are well documented through a check/bank payment or you have receipts for these donations/purchases.
It might be worth it to hire a tax professional so you are making sure you get all the proper deductions. They can save you even more money in the long run, especially if you do something wrong and get audited. Plus, the internet has coupons for tax paying services that you can use, but typically as the Tax Date of April 15th approaches, you miss out on cheaper services.
What are some tips or deductions that you know of that can save us money when filing our taxes? Let us know in the Comment Section Below!