How to Find Middle Class Tax Breaks
As tax time approaches it's important to find as many ways to save money as possible. For middle class families this can be a challenge. There are many tax breaks available if you just know where to look or who to go to for help.
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Instructions
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Purchase updated tax software and use it to find extra tax benefits for someone in your tax bracket.
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Make sure to claim fees for car license plates for each vehicle you own. This is a common area where people forget to take a deduction.
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Add up any receipts you have for energy efficient windows, furnaces, hot water heaters and air-conditioning units. This tax credit has a lot of rules and limitations so take your time and read the instructions for Form 5695 before claiming this credit.
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Make sure any items donated to charity were in good condition and that you have a receipt.
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Read over instructions about taxes on IRA distributions, contributions and their limits for this tax year.
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Claim the child tax credit for every dependent under 18 who lived with you during the tax year.
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Find opportunities to donate to charity throughout the tax year. Charitable donations can really add up. Museum memberships are often cheaper than the price of one ticket and can be claimed as a charitable contribution in most cases.
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Tips & Warnings
The best overall advice for finding middle class tax breaks is to have your taxes prepared by a professional. These experts are able to find many more deductions that most people preparing their own taxes. The money you will save on your taxes will more than pay for itself in the preparers fee.
