WHO COULDN'T USE EXTRA CASH ...EITC means a big refund!
Make sure you see if you qualify for Earned Income Tax Credit.
Make sure you see if you qualify for Earned Income Tax Credit.
Free tax preparation and efile for income earners making less than $52,000.00.
Contact me (Tanya Washington) for more details at 410-415-3143.
2015 is just a few days away so gather your receipts, social security cards and daycare information. If you are self employed, make sure you have all income information from your employers.
Also here are ideas for deductions
1. Qualified charities. You can only
deduct gifts you give to qualified charities. Use the IRS Select Check tool to see if the group you
give to is qualified. Remember that you can deduct donations you give to
churches, synagogues, temples, mosques and government agencies. This is true
even if Select Check does not list them in its database.
2. Monetary donations. Gifts of
money include those made in cash or by check, electronic funds transfer, credit
card and payroll deduction. You must have a bank record or a written statement from the charity to
deduct any gift of money on your tax return. This is true regardless of the
amount of the gift. The statement must show the name of the charity and the
date and amount of the contribution. Bank records include canceled checks, or
bank, credit union and credit card statements. If you give by payroll
deductions, you should retain a pay stub, a Form W-2 wage statement or other
document from your employer. It must show the total amount withheld for
charity, along with the pledge card showing the name of the charity.
3. Household goods. Household items
include furniture, furnishings, electronics, appliances and linens. If you
donate clothing and household items to charity they generally must be in at
least good used condition to claim a tax deduction. If you claim a deduction of
over $500 for an item it doesn’t have to meet this standard if you include a
qualified appraisal of
the item with your tax return.
the item with your tax return.
4. Records required. You must
get an acknowledgment from a charity for each
deductible donation (either money or property) of $250 or more. Additional
rules apply to the statement for gifts of that amount. This statement is in
addition to the records
required for deducting cash gifts. However, one statement with all of the required information may meet both requirements.
required for deducting cash gifts. However, one statement with all of the required information may meet both requirements.
5. Year-end gifts. You can
deduct contributions in the year you make them. If you charge your gift to a
credit card before the end of the year it will count for 2014. This is true
even if you don’t pay the credit card bill until 2015. Also, a check will count
for 2014 as long as you mail it in 2014.
6.
Special rules. Special rules apply if you give a car,
boat or airplane to charity. For more information visit IRS.gov.
