Tuesday, April 21, 2009

Am I entitled to Tax Benefits?

For low-income families, the Earned Income Tax Credit is a great way for them to get a large chunk of money back when they file their taxes. By completing these forms with your employer you will receive more money in your pay cheque which is a great bonus rather than waiting a year to get it refunded.

Donating items is a great way to help others out and you can also get tax benefits for it. When you donate food, clothing, or even vehicles you need to get a receipt for it. There are rules that apply regarding how much you can deduct though so make sure you discuss this with your tax preparer.

If you work from home you may be able to take additional tax benefits there as well. Often you can make deductions for electric, supplies etc as you are a home office worker. Your tax preparer can assist you with this as well.

Read more on this business article or Am I entitled to tax benefits?

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