Category: Tips

Tips for Filing Taxes

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It’s tax season, and we all can use some tips to make filing easier and that result in more money in our pockets. 

IRS Offers Free Tax Filing

New in 2024, eligible taxpayers can take advantage of a free online federal tax filing program provided by the IRS that uses guided tax preparation software. Taxpayers who have an annual gross income of $79,000 or less qualify for a free tax return.

Taxpayers whose annual gross income is greater than $79,000 can still use the Free File Fillable Forms program but also should know how to prepare their tax returns. This option is a public-private partnership between the IRS and many tax preparation companies providing free online tax preparation and filing. These are electronic federal tax forms, equivalent to a paper 1040 form. Both program options are safe and secure.

These tax providers are participating in IRS Free File in 2024:

  • 1040Now
  • Drake (1040.com)
  • ezTaxReturn.com
  • FileYourTaxes.com
  • Online Taxes
  • TaxAct
  • TaxHawk (FreeTaxUSA)
  • TaxSlayer

Deductions and Credits

Deductions are vital in reducing taxable income. While most taxpayers claim the standard deductions, which change yearly with inflation, some choose to itemize for a more significant reduction. Thorough documentation is essential when itemizing, and your tax consultant can advise which suits your circumstances. 

Consider strategies other than the straightforward methods when making the most of your deductions. Now is the time to rethink your filing status. Have you maximized your IRA and HSA contributions? 

For families with qualified dependents under 17, you may be eligible for a partial refund when filing in 2024 with the child tax credit. Use this reference list when determining your eligibility for other tax credits:

  • Out-of-pocket charitable donations
  • Last year’s state tax you paid
  • Self-employment social security tax
  • Child and dependent care credit
  • State sales tax deduction
  • Earned income tax deduction
  • Refinancing mortgage points deduction
  • American Opportunity credit
  • Student loan interest paid deduction
  • Moving expenses for your first job deductions

Find more tips for homeowners.

Packing And Moving Tips

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You’re moving and want to make the best use of your time and money. Consider the following suggestions that will simplify the moving process and aid in getting you settled in your new home.

Before You Move

  • Set up mail forwarding at the post office
  • Transfer and set up utilities about two weeks before the move
  • Pick medium-sized boxes (18x18x15 or 22x16x15) for household items
  • Compare pricing on a round trip or a one-way moving truck rental, and reserve the truck at least a week in advance
  • Pack a moving day bag with a phone charger, change of clothes and body care products
  • Don’t forget water and snacks for packing day

Get Packing

  • Save money on packing materials by using your clothing to protect breakables
  • Start early so you don’t feel so rushed
  • Use labels on the outside of the box to note where items will go in your new space
  • Pack room by room
  • Pack the kitchen last

Moving And Unpacking

  • Place heavy items on the bottom of the truck, with large furniture items in the back
  • Distribute heavy items evenly inside so the truck stays balanced
  • Position small stuff on top of furniture and nearest the door for easy removal
  • You don’t have to unpack everything at once. Put things away correctly in your new space the first time
  • Make a music playlist that will motivate you to unpack

Wrapping Up

  • Donate non-perishable food you’re not using
  • Transfer and set up utilities right away
  • Save money by filling the rental truck gas tank yourself instead of having them do it upon return

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Going Green Saves Green

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Homeowners can take simple steps that help save some green when going green. Try practical and economical alternatives when making changes to your home:

  • Replace your incandescent bulbs with LED lights to save on energy costs.
  • Refresh it, don’t remodel it. Use salvaged materials like barn wood for updating.
  • Change out old toilets, showerheads and faucets to reduce water waste.
  • Purchase power strips and connect major electronics to them. Turning the power strip off when you leave saves on your energy bill.

Are you planning to purchase a new construction home instead of modernizing your current home? Request key green features during the planning process:

  • Build small, which keeps expenses and bills lower.
  • Install programmable thermostats to manage energy usage effectively.
  • Request low-emittance windows to maintain preferred internal temperatures.
  • Choose sustainable lumber and energy-efficient lighting.

Are you still looking for more ideas for spending less and being green? Start new habits that keep money in your pocket and help the environment.

  • Shop farmer’s markets for produce, which reduces transportation emissions by buying locally.
  • Run your dishwasher and washing machine only when they are full.
  • Use washable rags instead of paper towels.
  • Ditch disposable plastic and refill with stainless steel bottles.

Find more tips for homeowners.


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