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11 Days and Counting — Northern Colorado, Have You Filed Your Taxes?

It’s just a Tuesday, right? And most likely not only have you filed your taxes Northern Colorado, but you’ve spent your refund. For others it’s not about potentially owing or that they don’t want their money, it’s just a tedious task. By a show of hands how many who have not filed plan on doing their own taxes? Well, we’re done to the wire, just 11 days now till tax day. Here are some last minute reminders to help get the best refund.

Tax Return iStock

Donations, What’s Deductible:

  • You can deduct real estate, furniture, clothing, automobiles, electronic equipment and office supplies
  • If you used your vehicle for any non-profit event you may deduct mileage
  • Any cash donation
  • And you may be able to deduct donations to your church or any religious organization

Work Expenses, Can I Deduct that:

  • If your job requires you to purchase materials needed to complete your tasks and does not reimburse you, that’s deductible. This includes publications to keep up with your job and dues you may have to pay out of your own pocket.
  • A portion of your cell phone may be deductible, be careful though with work expenses, uniforms and travel may not be deductible (you may have to at least consult with a tax professional)

Overlooked Deductions:

  • Travel expenses for seeking out a job or to and from doctors appointment’s
  • Expenses to relocate for a job over 50 miles away, including moving, travel and storage
  • If you baked anything for a school fundraiser or other event the ingredients may be deductible, however the value of your personal time to make them is not
  • Seemingly simple ways to boost your refund include paying your January mortgage before Dec. 31, same can be said for property taxes and filing your self-employment fourth quarter taxes in December instead of January can greatly effect the end tax money result.
  • Boost your medical deductions by making your annual or needed medical appointments by the end of the year instead of waiting for the new year
  • Filing status can make a big difference too, if married most file jointly, but there may be greater discounts for each of you by lowering your AGI if one spouse is behind in child support, one is out of work, etc.

Hopefully if you haven’t filed yet this helps you get the best return and if you have, take note of these tips and keep them in mind for next year.

Good Luck!

 

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