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Tax Tips from Tex

Here are four quick tips to keep in mind as you’re working away on taxes:

  1. Most people get audited because their deductions exceed the average of those in the same income and zip code bracket. So, if you’re making like $40,000 a year and give $8,000 in charitable giving, you definitely want to attach that substantiation.
  2. First-time home-buyers are entitled to a tax credit of 10% up to $8,000 on the cost of a new house. And guess what…? You can still claim this credit if you’ve owned a house for investment purposes or vacation ecstasies.
  3. As long as you’re earning money, YOU can claim the working-pay credit that comes to $400 ($800 on a joint return). Simply file schedule M to do so. Congress ordered the IRS to reduce the withholding tables in the expectation that many people will be claiming this credit. So claim it!
  4. You are able to add the standard deduction of sales tax on purchasing a new car to that of any real estate tax you paid as well – up to $500 ($1000 on a joint return).

Good luck y’all! Remember, the taxman never stops!

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