Tuesday, February 13, 2018

Greetings Thrifty Friends,

It's February and that means you probably already have your W-2. If you are getting any of your tax money back from the government you shouldn't wait to file.

If you aren't expecting to get any of your tax money back from the government, make sure you haven't overlooked any of these money-saving deductions.

Don't pay a cent more than you have to. Make sure you claim all the breaks you deserve.

Keep pinchin' those pennies,
Penny

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TODAY'S THRIFTY TIP:

Don't take the standard deduction if you can itemize. The standard tax deduction ($6,350 for singles and $12,700 if you're married filing jointly) is a deduction set by the IRS that allows you to reduce your taxable income if you cannot take advantage of more tax deductions by itemizing. Although standard deductions will help lower your taxes, if you take a little time you may find you can itemize your deductions to get a bigger tax refund. Some additional expenses such as charitable contributions, casualty losses, unreimbursed business expenses, job search expenses and the state and local sales tax deduction may push you over the standard deduction.


Take above-the-line deductions if eligible. Above-the-line tax deductions allow you reduce your taxable income without itemizing. Examples include if you paid for your students' school supplies, went back to school to land that promotion, paid alimony, pay self-employment tax, paid student loan interest, contribute to your IRA or had unreimbursed moving expenses. The reduction to your taxable income may also help you get a bigger Advanced Premium Tax Credit if you received assistance to help pay for insurance in the health insurance marketplace.