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Tips Around Tax Days

By: CNN News Copy Email
By: CNN News Copy Email

CNN News Copy

You can't hide from the calendar any longer, April 15th is almost here!

So dig out your calculator it's time to do your taxes, and if you're still looking for deductions, start with your house.

State and local property taxes, mortgage insurance and mortgage interest are some of the most common deductions.

A home office can also be deducted, if it's really a home office.

So if you just decide that you want to work from home on a friday for example, you won't be able to deduct those expenses as a home office.

What you can't deduct is any loss you suffered selling your home; unfortunately you can't deduct the loss on a sale or a personal residence however the irs would want to tax the gain.

Also take into account any higher education costs or job-hunting expenses.Charitable donations and contributions to a tax-deductible IRA are also fair game.

Consider medical expenses you paid in 2012, if the amounts are large, you might want to consult a tax professional.

Your return and payment should be mailed together and must be postmarked by april 15!

For the quickest return, file electronically and opt for direct deposit.

If you owe money but can't afford to pay you should still file. Send what you can and work out a payment plan for the rest.

The penalties for not filing are much higher than not paying.

There are a number of tax-prep services available at little or no cost to people who qualify; for more info, visit this link: http://www.irs.gov/Filing.


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