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Tax Time – Getting Back or Paying In?

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To some it lurks like a gray cloud waiting to pour out on the head of those who toiled throughout the previous year, but to others it is a time to clear the clouds—especially those created during the holidays.

If you are one of the many Americans who will receive a tax refund this year, remember there are a ton of deductions that can boost the amount you will get back, especially if you own a business or work from home.

Common overlooked deductions include hobby expenses and home repairs. The list is extensive and certainly too long to list here. H&R Block has information on its website that lists types of deductions as well as answers to most any question you could ask.

Are you paying in? You still want to take advantage of the many deductions available. While you may still have to pay in, it can significantly lower the amount you have to shell out to Uncle Sam.

If you are doing your own taxes, I recommend FileSafe or TaxCut.  When using TaxCut online, H&R Block applies its guarantee to intervene in the event of an audit. If you use the services of a paid preparer, make sure they are maximizing the deductions you can take.

For all other tax related questions, the Internal Revenue Service website has information, instructions and forms.

Tip: Share your experiences and tax tips in the DivineCaroline® forums.


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