It's tax season and that means many of us are getting our paperwork together. Before you file, make sure you are not committing any tax blunders that can cost you money.
Here's a look at some costly mistakes and some things you may be overlooking.
First, don't forget to sign your name. Tax preparers always mention this as a big "oops!" Sign your name the same way on each piece of paper.
Second, the IRS says that 67,000 Americans in 2010 got their own filing status wrong. If you got married or divorced in the middle of the year, check what your filing status should be.
Now, let's get into some tax credits or deductions you might be overlooking.
The accounting firm CB Smith and Associates in Cumming says dependent child care is often overlooked as a credit available to you. This applies to you if your child is in pre-school, in a day care, or even has a nanny.
Have you purchased a new air conditioning unit or water heater, or perhaps replaced your windows? There is an energy credit available if the purchase or repair has the Energy Star seal.
CB Smith and Associates says be aware of these deductions:
1. The points paid when buying a house. 2. Deduct mileage in a numbers of cases - if you're job hunting, if you're moving for that job. 3. If you take someone to regular medical treatments, that's a deduction. 4. Deduct if your travel is for charity reasons.
You must be able to back up your deductions with paperwork or receipts.
If you're reading all of this, and think it's time to get a tax preparer on the job, take your returns from the last three years in for a review. You might be able to get additional deductions from previous years. It certainly won't hurt to check.
Friday, May 24 2013 7:41 AM EDT2013-05-24 11:41:05 GMT
It's Memorial Day weekend, and you know what that means: hamburgers, pools, and yes-- big-time sales.
It's Memorial Day weekend, and you know what that means: hamburgers, pools, and yes-- big-time sales. This weekend marks one of the biggest for sales amongst retailers, and no matter where you shop, there's a good chance they're offering a deal.
Friday, May 24 2013 6:15 AM EDT2013-05-24 10:15:00 GMT
Some of the greatest damage from Hurricane Sandy was to cars from the flooded streets and garages, and some of those automobiles are expected to trickle into the automobile market.
Some of the greatest damage from Hurricane Sandy was to cars from the flooded streets and garages, and some of those automobiles are expected to trickle into the automobile market.
Thursday, May 23 2013 12:56 AM EDT2013-05-23 04:56:30 GMT
The FOX 5 I-Team has learned that Douglas County District Attorney David McDade is personally asking the GBI to investigate how money is spent in his office.
The FOX 5 I-Team has learned that Douglas County District Attorney David McDade is personally asking the GBI to investigate how money is spent in his office.
Wednesday, May 22 2013 10:42 PM EDT2013-05-23 02:42:27 GMT
What do major hotel chains, the IRS, and the business partner of a top rapper have in common? Court records show the National Conference of Black Mayors owes all of them money. Big money.
What do major hotel chains, the IRS, and the business partner of a top rapper have in common? Court records show the National Conference of Black Mayors owes all of them money. Big money.
Wednesday, May 22 2013 9:56 AM EDT2013-05-22 13:56:24 GMT
Americans are known for their pearly whites, but we pay for it—and it isn't cheap.
Americans are known for their pearly whites, but we pay for it—and it isn't cheap. If you have more than one child who needs braces, you have quite an expense on your hands—but FOX 5 I-Team reporter Dana Fowle found some ways to make it a little more manageable.
Monday, May 20 2013 11:12 PM EDT2013-05-21 03:12:38 GMT
The Douglas County district attorney used seized drug money to take support staff to a north Georgia training conference designed for prosecuting attorneys.
The Douglas County district attorney used seized drug money to take support staff to a north Georgia training conference designed for prosecuting attorneys. The FOX 5 I-Team followed along and found the four women didn't even register to attend the conference.
Monday, May 20 2013 6:44 AM EDT2013-05-20 10:44:05 GMT
Maria Boudet is a teen who had been living in foster care. She worked hard and earned a college scholarship. But the scholarship was revoked when Boudet's life-long wish was answered; she was adopted.
Maria Boudet is a teen who had been living in foster care. She worked hard and earned a college scholarship. But the scholarship was revoked when Boudet's life-long wish was answered; she was adopted.
