As a student, you've got tuition bills and other everyday expenses. Fortunately, you've also got access to different tax credits and deductions that could lower your tax bill — and even lead to a refund.
Just 1 in 10 Americans still choose to itemize their tax deductions. Itemized deductions require more paperwork and record-keeping - but if you had high medical bills, state and local taxes, and sizable interest payments last year, itemizing could save you big bucks on your taxes.
Dozens of tax credits, deductions, and adjustments can reduce your bill or increase your refund, whether you’re paying student loans or saving for retirement.
Things like missing the tax deadline, failing to report all your income, and not taking the right tax breaks are all simple mistakes that can cost you big time when you file your return.
Taxes for freelancers and the self-employed can be complicated. But if you keep careful track of your expenses, you could save a ton of money by deducting things like insurance, equipment, mileage, and even your accountant’s bill.
An audit happens when the IRS flags your tax return and reviews it for accuracy. In all, you have about a 0.6% chance of being audited. Things like high income and unusual deductions can increase your risk of getting flagged.
If you have an escrow account that covers your property taxes, contact your lender. Without an escrow account to cover this expense, you’ll need to pay the bill out of pocket, or take advantage of any payment plans available.
While you can pay your taxes with a credit card, each of the three methods requires a ~2% fee, which cancels out most rewards. It may still make sense in other cases, like earning a bonus or taking advantage of 0% APR.
From your internet bill, your car mileage, your your cell phone, and even your college classes, there are tons of deductions you can take as a business owner.
Tax refunds are taking longer than usual this year. If you’re still waiting for the money to appear, it’s important to track your refund!
