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Student loan interest payments are generally deductible. You can generally use the interest payments as a deduction if you use any filing status other than Married Filing Separately and Â your Modified Adjusted Gross Income is less than $75,000 ($150,000 if Married Filing Jointly) and the loan was taken out for you, your spouse, or someone who qualified as a dependent when the loan was taken out.
Posted in: Deductions
I know we do not like to think about income taxes at all, especially when it is not tax season yet. But imagine the time and stress you can save if you go ahead and start your files now. Get some boxes or folders and label them. When you have an expense that might be deductible, go ahead and make a note of it and put it in the correct file. The same thing goes for income documents. Also, write down any questions you think of so when you have the time to call us, you remember what you wanted to ask.
Posted in: Organization
You can still e-file your 2010 tax return until October 15th, 2011. This can be done even if you didn't file an extension. In fact, if you didn't file an extension and are going to face a late filing penalty, it may be reduced if you e-file because the IRS will receive the return sooner.
Posted in: Electronic Filing
Keep track of your mileage going to and from the Doctor's office and the pharmacy when you go to fill your prescriptions. You can use this mileage as a deduction if you itemize on your tax return. Keeping a small calendar in your glove box is a convenient way to jot down your medical mileage.