Get ready to take credits for some overlooked expenses

Now that deadline to file 2011 tax return is upon us, there are several overlooked credits that you may qualify. You may want to collect the receipts for expenses for continuing education, charitable contributions and child-care expenses.

You may qualify up to $2,000 per family credit for tuition. You do not have to be a full-time student or pursuing for a degree. This credit is calculated as 20% of up to $10,000 of your tuition, fees and books. In order to qualify, your adjusted gross income must be less than $60,000 for single and $120,000 if married filing jointly.

You can take a deduction for charitable contributions if you itemize. You need to keep receipts for cash donations and keep other records such as store receipts for items you donated to charity.

Child-care credit could be up to $3,000 a child or $6,000 for two or more. In order to qualify, both spouses must be working or one must be a full-time student. Keep receipts for expenses of child care payments, cost of day camps and before and after school care expenses for under 13 years of age kids.

No Comments »

elegant on January 23rd 2012 in Finance

Comments are closed.

Trackback URI |