As a taxpayer, you might feel a little overwhelmed sometimes when tax season comes up.
No one wants to pay any more than they have to, so you always want to be sure you handle everything just right.
But don't worry -- it won't be as hard as you expect, especially if you keep these great tax season tips in mind!
Always claim anyone you've been supporting
If you've had a friend, significant other, or additional family member staying in your home for a while, you may be able to receive a dependent exemption of $4,000!
You'll have to make sure you fall under the specific rules for the exemption:
- A non-relative must have lived with you for an entire year (relatives don't have to live with you to count as dependents)
- A non-relative can't provide more than half of their own support
- A non-relative can't earn more than $4,000 in taxable income
If this applies to you, get paid for your hospitality!
Keep refundable tax credits in mind
The Earned Income Tax Credit is one of the most overlooked tax credits out there. It's worth up to $6,242 for a family with three or more children, yet one out of five taxpayers fail to claim it.
Because they may not realize they're qualified after changes in their income, or because they choose not to file their taxes if they make below the income filing threshold.
So, when you file your taxes, find out if you qualify -- it just might improve your year!
Declutter Your Life
Look around: do you see anything in your home or life you don't need or want any longer?
Odds are there's a charitable organization nearby that would be more than happy to accept items like clothing, books, furniture, electronics, and more.
If you declutter in this way, you can deduct it from your taxes! As long as the value of the items is more than $500, you can file a Form 8283 and receive your deduction.
And on top of your deduction, you can breathe easier without all that unnecessary clutter!
Research the Best Loans for Bad Credit
If you finish filing your taxes this season and feel like you could use a little more cash, you can always consider a personal loan to gain immediate security.
That's where Atlas Credit comes in. Contact us today, and we can provide you with an immediate personal loan no credit check required.
Because remember: you should never be scared of tax season!