Free Turbo Tax 2013 Software
When filing your taxes, one of the most important things that you can do is to take the time to look into all of the different ways that you can save money on what you owe or increase the amount of money that the government needs to return to you. When you use free Turbo Tax 2013 software, there are a number of different things that you can do, including reporting your retirement plan donations. Utilize these tips when you file this year.
Report Your Living Situation
First, you should put down the details of your living situation if you own a home. If you are a renter, you may not get all of the benefits of a homeowner, but owners can really reduce what they owe in local taxes when using free Turbo Tax 2013 software. There are tax breaks for owners who have to pay property taxes and other fees during the year. You need to make sure not to miss out on these benefits, as they could be the largest local benefits that you will find.
Itemize Your Donations
Next, you can use free Turbo Tax 2013 programs to make a list of all of the money that you have donated to non-profits and other organizations. These donations are tax deductible, meaning that you can take a percentage of the amount off of what you owe, or you can add it to the return. If you do not itemize, you will just get the standard deduction. For some people, the standard deduction will be more than the itemized deduction, but it is always worth it to list these things so that you can know for sure.
Report Retirement Plan Donations
After that, you should use free Turbo Tax 2013 software to report any retirement plan donations that you have made during the year. This money may also be tax deductible, just like your donations to other groups. When you combine your retirement plan donations with other amounts that have been given, your savings can be quite significant. You also get to keep this money in your account, so you are able to benefit from it at a later date and with your current taxes, making it one of the best ways to save.
Write Off Work Expenses
After you report your retirement plan donations, make sure that you use free Turbo Tax 2013 software to write off any work expenses if you own a business or work for yourself. You may be able to write off things like new computers, travel expenses, and even a portion of your rent.