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7 Of The Most Overlooked Tax Deductions

January 5th, 2012

Tax season is one of the most dreaded times of the year for most people. To forego the added expense of hiring someone to prepare their taxes for them, people often opt to do their taxes themselves, which can lead to numerous errors like forgetting to include their Social Security number. One common mistake, that is costing people money in their pocket, is missing potential tax deductions. Here’s a little cheat sheet of the 7 most overlooked tax deductions to help you for the upcoming tax season. As far as forgetting to input your Social Security number, you’re on your own on that one.

1. Donations

Most people remember to include their checks and payroll deductions when calculating their potential tax deductions from charitable contributions for the year. However, many often overlook the fact that they can write off certain costs accrued while doing charitable work. Even if your only donation for the year was the time spent working at a soup kitchen, there are certain things you can write off like travel expenses to the soup kitchen site and expenses accrued, like buying supplies, food and ingredients, for your charitable work. Just don’t try to write off the time spent volunteering by putting a value to your charitable work.

2. Eco-Friendly Tax Credits

Did you know that your concern for the environment can be rewarded in the form of potential tax credits? Switching home appliances with Energy Star products, improving your home’s insulation and installing qualified roofing products that help reflect the sun’s rays can earn you tax credits. The next time you’re looking to improve your home or upgrade your kitchen appliances, make sure you check out EnergyStar.gov for more information about earning tax credits for energy efficiency.

3. Homeowner Tax Deductions and Credit

Home-buyer tax credit can be a huge tax break, but for first-time home buyers, it can be overlooked. First-time home buyers who purchase a home within the United States, and long-time residents who have been living in the same home for a certain time period can qualify for home-buyer tax credit. Certain restrictions, like if the purchase price of the home is over $800,000, can make you ineligible for this tax credit. Be sure to check IRS.gov to see if you qualify for this credit for the upcoming period. Read the rest of this entry »

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10 Frugal Living Tips To Happiness On A Tight Budget

January 2nd, 2012

Whether you’re dealing with a mountain of debt or trying to save money for your retirement, there are numerous circumstances that can force someone to change his or her spending habits. Frugal living is typically viewed in a negative light, where the word “sacrifice” becomes synonymous with “suffering.” However, this does not have to be the case. Here are 10 frugal living tips to achieve happiness on a tight budget.

1. Keep Track of Your Spending

If you’re planning to live on a tight budget, you need to start by keeping track of all your expenses. From car repairs to that cup of coffee you buy every morning, everything must be recorded. It’s easy to lose track of how much you spend in any given week. The next thing you know, you are looking at a credit card bill that is well outside your means. So, you pay the minimum payment, which is another no-no, and the cycle of perpetual debt begins. Keeping better track of your spending can help you avoid wasting money on unnecessary expenses.

2. Change Your Spending Habits

Now that you’re keeping track of what you’re spending your money on, look through your monthly expenses and start trimming the fat. This is where people begin to think that frugal living is a complete downer compared to a lifestyle of superfluous spending. Don’t think about limiting yourself on the things you want, start thinking about cutting out the things you don’t need or waste money on. Avoiding name brand items, buying in bulk, and buying used or refurbished items are just a few examples to help you save and change your spending habits.

3. Monitor Your Money

Many people are guilty of not knowing how much money they are carrying in their pocket or purse on a daily basis. Even worse, many people are guilty of not knowing how much money they have in their bank account. How are you supposed to follow a budget if you don’t even know what you are working with? What if you dropped some cash without even knowing it? Finding random cash in your pocket is the best feeling in the world, but you should be taking better care of your money if you plan on living on a tight budget. Read the rest of this entry »

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