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2016 Tax Olympics: How To Not Miss Out on Tax Savings (Day 4)

12:00 AM Jamaal Solomon 0 Comments Category :






2016 Tax Olympics: 
How to Not Miss Out on Tax Savings (Day 4)


I rarely say a bad word about the IRS. IRS employees are regular people like you and me doing their job to feed their families. It is not their fault that our political system is horrible. I almost became an IRS agent but then they were hit with budget cuts and freeze hiring. I respect the IRS but that doesn't means that I believe you should pay them a penny more than you have too. There are thousands of tax credits and deductions. It is up to you to take advantage of all tax deductions that are made available to your tax situation. This blog post will not be a list of possible tax deductions. This blog post will discuss three ways to find out about tax credits and deductions. Stop being lazy and put some work into saving more money!

BRONZE MEDAL 



This may sound like a shameless plug but hire an qualified tax accountant like myself (www.jstaxcorp.com). Most tax accountants offer tax planning services. The accountant will look into your unique situation and develop a tax savings plan. You will learn about different strategies to reduce your annual tax liability. Remember all tax accountants are not created equal. Make sure to do your research on the tax accountant before hiring. Make sure that the tax accountant can understand your tax situation and goals.


SILVER MEDAL



SPOILER ALERT: THE SILVER AND GOLD MEDALS WILL GO TO FREE OPTIONS (why am I so damn honest?!)

Don't want to pay for tax planning sessions? Well, we live in age of rapidly changing technology advances. For example, if you just Google "Tax deductions," you will get an overload of tax information. Put some effort in the search. If you are a teacher then Google "Tax Deductions for teachers." What if you want some type of human interaction but for free? The answer is to find local free tax seminars and workshops. I have done many free tax workshops and provided the audience with great information. There is never a shortage of free tax seminars especially around January. Public libraries almost always host some type of tax seminar during tax season time (January - April).



GOLD MEDAL



Reality most of the times really sucks. However in my opinion, you need to get comfortable with visiting irs.gov. I love the IRS website because it was designed to be very simple. Every year, the website seems to improve. You don't need to be an tax accountant to be able to understand the website. The IRS website has a wealth of free information. The IRS even have free webinars and online courses. The more you visit the site, you find out how easy it is to get valuable information. When I make this suggestion, people start shaking in fear like the website will bite them. Trust me, if you give the IRS website a chance, you would send me a thank you letter.

Stay tuned for tomorrow's Day 5 event: How to deal with ID Theft


Name: Jamaal Solomon

   





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