TAX POINTERS FOR UNEMPLOYED PEOPLE
Unemployed for a long time? Worry no more. Let this article explain the four important tax tips for people like you.
Compute Taxes before the End of the Year. Whether you change jobs or have been jobless for part of the year, the amount of tax withheld from salary and benefit checks may not be sufficient to cover your tax debt for the whole year. Remember, employers do not account other income into account when determining the amount of tax to withhold. Before the year ends, preferably in November or December, come up with an initial tax estimate according to your actual income to date, estimated income, and deductions. If the estimation shows you will possibly owe additional tax at the end of the year, you have options to erase those taxes, which includes donating cash or goods to a charitable institution and contributing to an eligible retirement plan.
Reduce Moving Costs. An individual can cut moving costs if he or she has to move from one house to another to live near his or her workplace. To obtain such deduction, your new house should be at least 50 miles farther from your old home than your previous job was from that residence. Deductible costs include storage and transportation of household items, and travel expenses incurred. Track the number of miles you need to drive during the moving process and other related expenses to subtract the income from your new job.
Deduct Medical Expenses. In the event of unemployment, the Consolidated Omnibus Budget Reconciliation Act extends a health insurance coverage for a few month, and then you are on your own after that. If your income declines considerably because of unemployment, you are allowed to claim certain medical expenses. The Internal Revenue Service states a person is qualified for reimbursement if his or her medical costs are more than 7.5% of your adjusted gross income. If your salary is lower this year or medical expenses are higher, you can reach the threshold and cut some of your expenditures, including prescription drugs, unreimbursed hospital bills, doctor’s visits, and travel for medical treatment.
Look for Free Tax Filing Help. A lot of options are available to seek help when it comes to filing year-end taxes, if you qualify with a lower income. Take advantage of several CPA societies offering free clinics. Provide your tax informations, and they will compute and file your return. Also, IRS has Free File Tax Service, a program seeking to assist people in filing their own return. One must have an adjusted gross income of $58,000 or lower to avail the IRS service.
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