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Set up your system: There's more than one way to organize your tax records, but having some kind of filing system will help you keep everything in one place. Don't wait until January to start organizing important documents. While many important tax documents will arrive in the beginning of the year, some - such as receipts for deductible expenses - will crop up throughout the year. Save documentation for deductible items: If you own a business or plan to itemize your deductions, you should hold onto your receipts and other documents for eligible expenses. You won't need to submit your receipts with your tax return, but you may need to substantiate your expenses if the IRS audits your return. Do the same for home improvements, especially if you're planning to sell your home. The amount you spent on home improvements increases your adjusted basis on your home, which is what the IRS uses to determine how much tax you owe when you sell it.
Earned Income Tax Credit (EITC): Millions of lower-income people take this credit every year. However, 25% of taxpayers who are eligible for the Earned Income Tax Credit fail to claim it, according to the IRS. Some people miss out on the credit because the rules can be complicated. Others simply aren't aware that they qualify. The EITC is a refundable tax credit-not a deduction-ranging from $529 to $6,557 for 2019. The credit is designed to supplement wages for low-to-moderate income workers. But the credit doesn't just apply to lower income people. Tens of millions of individuals and families previously classified as "middle class"-including many white-collar workers-are now considered "low income" because they: lost a job, took a pay cut, or worked fewer hours during the year. The exact refund you receive depends on your income, marital status and family size. To get a refund from the EITC you must file a tax return, even if you don't owe any taxes. Moreover, if you were eligible to claim the credit in the past but didn't, you can file any time during the year to claim an EITC refund for up to three previous tax years.
Harvest Your Capital Losses: If you own stocks that have lost money, you can sell them and deduct up to $3,000 on your federal taxes. Just be careful not to violate the wash-sale rule, which would disallow the deduction. This rule states you cannot purchase the same or a substantially similar stock within 30 days before or after the sale. "Some people think it's OK if I do it using two accounts," Zollars says. They may think they can sell a stock from a taxable account and then immediately purchase similar securities in an IRA. However, this is not allowed. "That's not the way the rule works," he says. Find more information on Tax Preparation Services In Houston.
Personal Expenses (Deductions). You will receive Form 5498 for IRA and health savings accounts contributions from vendors and Form 1098 for home mortgage interest deductions. But you'll have to collect most of the information documenting allowable deductions, such as business expenses, from other financial documents, such as check registers, canceled checks, bank statements, and credit card statements. Download and print summaries of the prior year's transactions for each credit card, and review each transaction to determine whether it may be deductible. I use a marker to highlight the transactions that may affect my filing for easy identification later. You can use a similar culling process for canceled checks.
Employers are typically notified of a wage garnishment via a court order or IRS levy. They must comply with the garnishment request, and typically start withholding and remitting payment as soon as the order is received. IRS wage garnishment and levy paperwork will walk you through the steps of completing the wage garnishment. Paperwork should also include any relevant contact information, which you should not hesitate to use if you have any questions. This is certainly one scenario where it's in your best interest to contact many people rather than attempt to guess and create possible errors.
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