TaxSlayer Blog is your source for tax preparation news, tips and advice.
Summer’s here! For some Americans that can present a problem if you have children because they are no longer in school and you have to work! Oh what to do, what to do?! Why don’t you send your child to summer camp? They will enjoy fun activities and you might be eligible for a deduction on your tax return. Summer day camp can be used as a deduction for the child and dependent care credit. You can even enroll your child in camps that specialize in a particular activity, such as computers or soccer. Enroll your child today and you can relax knowing that he or she is safe and having fun during the summer. In order for you to take the child and dependent care credit, the camp expenses must allow you to work or look for work. If your married, generally you and your spouse must work or look for work. Your spouse is treated as working during any month he or she is a full time student or is not physically or mentally able to care for himself or herself. Summer day camp can be exciting for your child and it might save you some money on your tax return. Look into enrolling your child in a participating summer day camp and get yourself a possible tax deduction.
Now that tax season has passed, it’s time to start planning to ensure you get the biggest tax refund for tax year 2012. 1. Estimate your 2012 taxes now with our tax calculator The easiest way to find out if you are on the path to the largest refund next year, is to simply enter your income and withholdings in TaxSlayer.com’s refund calculator. You just need to plug in your income and withholdings and the calculator will do the rest. 2. Don’t like what you see? Change your Federal withholdings with your employer The easiest way to get a larger refund is to change your tax withholding from your paycheck. If you don’t like what the refund calculator has estimated, you should think about reducing your allowances either to 0 or as close to 0 as possible. If you do this, you will have more federal taxes deducted from your paycheck. In most cases, you will get the extra withholdings back when you file your 2012 tax return. 3. Clean out your closet! Donations are a fast and efficient way to help you get a little extra back on your return. Go through your closet, attic, and storage building and turn your trash into someone else’s treasure. Take your donated clothing to Goodwill or The Salvation Army and claim your receipt. Now sit back and receive your treasure with possibly an extra deduction on your tax return. Getting a larger refund requires planning, just like many other financial matters. Start planning for your refund today, by estimating it with our tax refund calculator.