Sunday, January 23, 2011

Tax Tips Drawing: Week 3

The 2nd of 5 winners in the PFStock Tax Tips Giveaway 2011 is "Shel". She will be receiving free H&R Block At Home Online Tax Preparation. If you haven't entered, please do so as soon as you can. Non-winning entries will be carried over to the next drawing. You only need to enter once to be included in all 3 remaining drawings.

Here are some of the tax tips that I've received so far:
  • I use the internet as a tool to make sure I'm claiming every deduction and credit that I can qualify for.
  • My father was an accountant and used to say the best thing was to break even every tax year and not give the government an interest-free loan of your money (by getting a refund). I know that I'd never be able to save the money otherwise so I always made sure to have plenty of tax deducted in order to get a nice refund check. Now I make that money work for me; I put some aside every year and put it into a CD.
  • I make sure that I organize all year. I have folders I make in January for that year's taxes so that come tax time, I don't have to hunt for my receipts and paperwork.
  • Contribute the most you can to a 401(k) plan at work.
Please keep your tax tips coming, and good luck to everybody who enters. This contest will run through February 11, with a new drawing every week until then.


1 comment:

Barb Friedberg said...

Spend some time learning about every single deduction you are eligible for and then take them. Think; give away lots of stuff to charity; contribute as much as possible to retirement savings plans at work.