Between getting the kids back into the school routine, packing lunches and scheduling after-school activities, back to school time can be stressful around most households. Not to mention, the cost of the kids going back to school seems to be increasing. From clothes to gear to school supplies, it seems that we are spending a fortune. Here are a few tips to help you cut down on some of the costs when your kids are going back to school: Start Your Shopping At Home Before you go out to buy anything, start in your own closets first. Throughout the year you may have accumulated some treasures like pens and pencils, or even unworn clothes. Make A List And Set Limits After looking through your things at home, take inventory of what you will need when heading to the store. When you head to the store, stick to your list and set a limit on how much you want to spend. By setting a limit, you will be able to know if you can grant your child’s request for non-essential items or if you need to put those request off until later. Shop Online Shopping online is a great way to compare both products and prices. Doing your shopping online can also cut down on the hassle of having to drive to multiple stores to find everything you may need. Buy Quality Items When looking for school supplies and gear, look for items that are well made and that look like they are going to last. When looking for backpacks, try to choose a book bag that has great quality, or a life-time warranty. Try to choose a book bag that your child may want to use for multiple years, not the trendy bag that they will only like this school year. You may have to spend more for these items, but if they last then they can be used for multiple years. This means you will be able to save money in the long run. Day Care/ After School Care Tax Deduction If your child goes to day care or after school care while you work or look for work, you may be able to claim a credit for their expenses. The Child Dependent Care Tax Credit allows you to claim $3,000 in dependent care expenses for one qualifying child and $6,000 for two or more qualifying persons. In order to claim the credit, you must have a qualifying child and child care provider. A qualifying child is a child under the age of 13, or if they are 13 or older they must be physically or mentally unable to care for him or herself. In order to be considered a qualified childcare provider, the care provider must be over 19 years old and cannot be one of your dependents. They must provide you with their name, business name if applicable, address, and either Social Security Number or Employer Identification Number. All of this information must be reported on Form 2441, in order for you to claim the Child Dependent Care Tax Credit.

Now that tax season is over, you’re left with your tax records and hopefully a little of your refund as well! Many taxpayers often wonder how long should I keep my tax records. Is it 1 year, 2 years or until the end of the world? The IRS suggests holding onto most tax records for three years; however, some records such as a home purchase or sale, stock transactions, IRA and business or rental property should be kept longer. In addition to keeping tax records, the IRS states taxpayers should keep all documents that may have an impact on your federal return. This includes: • Bills • Credit card and other receipts • Invoices • Mileage logs • Canceled, Imaged or substitute checks • Proof of payment • Other records to support deductions or credits you claim on your return Speaking of deductions, did you know TaxSlayer.com has a feature that allows you to efficiently manage and track your deductions? “My Deductions” allows you to input all of your monetary, stock, mileage and noncash item deductions, as well as your employment and medical expenses. The beauty of this feature is that you can import these deductions directly into your tax return AND it will save you time when completing your tax return! To access the My Deductions tracker, login to your TaxSlayer.com account, then click on the My Deductions link. Once inside the My Deductions menu, you can add your deductions as they occur throughout the year.

With tax season less than 2 months away, it’s time to start thinking about your tax return. For those of you that have graduated or finished your higher education, student loan repayments are now a big part of your life. If you haven't begun paying on your student loan, this guide will help alleviate some future confusion. Student loans can save you alot of money... up to a $2,500 deduction. But there are a few things you must know in order to claim the deduction. You can claim the deduction if all the following apply: • You paid interest on a qualified student loan in 2011 • You are legally obligated to pay interest on a qualified student loan • Your filing status is not married filing seperately • Your modified adjusted gross income is less than a specified amount which is set annually • You and your spouse if filing jointly cannot be claimed as dependents on someone elses return If the above apply to you, you are well on your way to claiming this deduction. If you paid $600 or more of interest on a qualified student loan during the year, you should receive a 1098-E student loan interest statement from the entity you paid. Now comes the easy part. With TaxSlayer.com all you have to do is enter the amount from the 1098-E into TaxSlayer.com and it will calculate your deduction. TaxSlayer.com simplifies the process. If you still need help, no worries! Check out our help videos that are found in the program once you login to your account. They are free and certainly will help!

Even though tax season is over, you can start managing your deductions more efficiently for next year. With the addition of the My Deductions donations tracker, you can keep track of all your monetary, stock, mileage, and noncash donations in one convenient place. To access the My Deductions donations tracker, login to your TaxSlayer.com account, then click on the My Deductions link under the Other Items tab. Once inside the My Deductions menu you can manually add donations as they occur throughout the year. Whether you have an old T.V. you donated to Goodwill or cash tithed to your church, it can all be recorded here. After the deduction is input it will automatically be pulled into your tax return for next year. This is a great time saving tool that is Free to everyone who uses TaxSlayer.com. In addition, the deductions you add can be filtered by Charity, Donation Type, and Organization to help you sort which donations go where. With the My Donations tracker, you will be well prepared come tax season.