Pfeiffer College
As the challenges and uncertainty of the economy continue and with the tax season in full swing, many filers are in search of tax relief and new ways to save money. As a result, some taxpayers plagued by mounting medical bills, heavy reliance on Social Security assistance, or recent job losses may want to review their tax situation today to help in these uncertain times.
Paul Hoying, an associate professor of business administration at Pfeiffer University and a certified public accountant, offers these simple tax tips that could save people money.
– Keep good records. Documentation is 90 percent of the job. More specific documentation is needed for certain types of deductions, such as non-cash contributions.
– Related charity work expense. Most individuals already know about deducting donations to recognized charities, but you may also deduct expenses directly related to charity work, such as mileage deductions.
– Education may be deductible. Training and education relative to enhancing your job skills and knowledge for your current job.
– Job hunting expenses. If you are looking for work in the same trade or business, keep track of your expenses to find that new job. However, there can be limitations on the total amount deducted.- Accessing retirement plans. If amounts are taken from retirement plans and are taxable income, the income tax withheld by the plan administrator is often not enough. Review withholdings on a regular basis and adjust if necessary.
Hoying also encourages preparers and filers to stay apprised of new additions to tax laws and requirements.
“Today, most current legislation contains significant tax changes,” Hoying explained. “Inquire if any changes may affect your own personal situation.”
Established in 1885, Pfeiffer University is a comprehensive United Methodist-related university, with multiple campuses, including Misenheimer, Charlotte and the Triangle, committed to educational excellence, service and scholarship. Visit Pfeiffer online at www.pfeiffer.edu.