Tax Tips and Tax Preparation Tips

• You might qualify to file an Employee Business Expenses Form (form 2106) if you have expenses for your job or business that are not reimbursed by your current employer. Many taxpayers don't realize they can make this an itemized deduction.


• For those who are self-employed or have self-employed income you may be able to deduct part of your health insurance premiums.


• Certain educational expenses are legally deductible. If the course or training or other education was required by your employer, or was necessary to improve your skills in your existing profession, you can write it off. If you are self-employed this can be a nice tax deduction or motivation to get training to improve your income!

• Certain medical expenses are also tax deductible. These include birth control pills, medical care transportation, abortion costs and drug rehabilitation costs. Many of these issues are related to employment. However, health club, cosmetic surgery, prescription medicine, stop smoking and weight loss costs are not tax deductible.


• If you make any charitable contribution of $250 or more obtain a written receipt from the charity.


• If you owe money file your tax return. If you can't afford to pay the taxes owing file anyway. Enclose any amount that you can afford to pay and file your return with a balance due. "Failure to File" is far more serious than "Failure to Pay."