Online Tax Deduction Tips

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Online Tax Deduction & Credit Tips....5

How to use tax deductions when filing your federal income taxes online in this free video tutorial.

Part of the Video Series: How to File Your Taxes Online
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Video Transcript

Hello, everyone. I'm Terry Bowden with Expert Village. Today, we're talking about filing your taxes online. Now we're using the Turbo Tax free edition as a shell to give you an idea of what they ask for and how to properly go through and put in your income and any other things that apply to you. Interest, dividends, common income, etc...okay? Now we're done with income, because that was our last segment. And we're going to go to 'Choose how to find deductions and credits'. Now if you've never itemized before and went through the deductions and credits process, if this your first time, this is very, very valuable information. Now of course we want you to consult your professional that knows you or knows how you've done your taxes in the past. But you might have had changes this past year. If you have, then this is a category that can definitely help you out, okay? So let's take a look, okay? You have 'Find deductions myself' or 'Guide me through it'. So we're going to 'Guide me through it', okay? Now your deductions and credits. You have your home, which are property taxes, mortgage interest, energy improvements. And you have you and your family, such as child care, earned income credit, adoption expenses. Earned income credit is very, very important. A lot of you know that term because if you have children and so forth, the federal government gives you an allowance on having a child or children. So that's very, very important topic there. We'll go into 'Your home'. And you have your home mortgage, second mortgage, refinancing, and home equity loans. So if you have any home loans, that's where you'd go and put that data in there. I'm going to hit 'No'. 'Property taxes' - that would be where you would put that in. 'No'. 'Mortgage insurance premium' - of course I?m going to hit 'No' just to go through the program. 'Energy efficient home improvements' - 'no.' Less home credits and we continue. Now we'll go through 'You and your family. Did you pay someone to provide care so you could work? I'm going to hit 'No' but that's where you put it in. Earned income credit. Very, very important. 'No'. And other family credits. Now that's a look at the deductions and when we come back we'll look at the other deductions you may have.

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