During tax season, there are many ways a small business can save some money and make the most of their tax deductions. The easiest way to maximize your deductions is to keep every receipt, because even the smallest amount of money spent can add up to big savings at the end of the year. This article will give you some deductions that are often overlooked by small businesses when it comes to tax deductions.
Even if you cannot get a Social Security number, you may still need or want to file certain tax forms such as the Form 1040. But how can you do so without that vital number?
The answer is by using an ITIN. So, what is that and how do you get one?
What Is an ITIN?
The Individual Taxpayer Identification Number (ITIN) was created by the IRS for certain persons who are unable to get a Social Security number but are still required to file income tax forms.
You've worked hard for most of your adult life to get your kids to and through college. Now that they've applied to graduate school, you find that you're not done. Graduate school means more money, but it also means a greater return because your children will have a higher earning opportunity. The Internal Revenue Service (IRS) offers a little financial help in the form of education expense credits. This guide explains what you need to know about the lifetime learning credit that you may be able to claim when you file your income taxes.
Parents who are adopting a child have a lot on their minds. They also often incur a lot of expenses. But don't forget that there is some relief offered at tax time in the form of tax credits to help offset costs. Here are the key credits available for adoption.
The Adoption Credit allows you to claim up to $13,190 (in 2014) of the expenses of adoption (except in the case of adopting your spouse's child).
Reading books and watching DVDs are not always leisurely pursuits. Investing the time in watching an instructional DVD or reading a non-fiction book could increase your knowledge in a variety of subjects. Perhaps the knowledge you gain proves extremely helpful in the performance of your job. By the way, anything purchased for legitimate business-related purposes is viable as a tax deduction. Claiming tax deductions on DVDs and books, however, does require a little extra accounting work in order to defuse any skepticism on the part of a tax examiner.