Each year there are millions of dollars of tax deductions and credits left on the table. The Government Accountability Office found that 2.2 million people who took the standard deduction could have reduced their tax bills by an average of $438 if they had itemized. That totals around a staggering $1,000,000,000 in untapped savings. That humongous figure is a gigantic amount of potential savings!
There's one week left until Tax Day. Here are some words of wisdom from SaveUp's Certified Financial Planner, Catherine Hawley, about saving on your taxes. Please consult your tax adviser to better understand the specifics of your unique situation. However, Catherine gives us some insight on some common deductions and credits, we Americans, aren't taking and see how we can utilize them to save.
Here is Catherine's "Top Ten List" of ways to save on taxes that you may not have taken advantage of before.
- Out-of-pocket charitable contributions: Keep receipts and if the amount is over $250, make sure the charity gives you documentation of your gifts.
Now that you have some tax saving tips, why wait for April 16th? File your taxes in a timely manner to see what savings might be applicable to you.
At SaveUp we reward you for good financial actions; including saving money and filing your taxes on time! One of the many prizes you can win is a TurboTax sponsored prize to double your refund. Don't let your portion of $1,000,000,000 go to waste and use that new found surplus to save up!
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