Mornings with Dave & Jen

Money Talks
Money Talks

We’re a week away from the deadline to file your taxes…and the LAST thing you want to do is miss out on tax deductions you’re entitled to!

So, in that vein, here are some of the most common deductions people MISS from U.S. News & World Report:

Dependents.  For every dependent you have, you can write off $3,800.  But a lot of people don’t, because they don’t realize that the relative they’ve been supporting CAN sometimes be claimed as a “qualifying relative”…even the friend who’s been crashing in their spare bedroom for the past year.  The main requirement is they have to have made less than $3,800 last year.

The Earned Income Tax Credit.  Which you might qualify for if you’re low-to- middle-income.  And if you have three dependents, you can claim a tax credit of up to $5,891.  But the IRS estimates that about 20% of people who qualify don’t end up claiming it, mostly because if you make under a certain amount, you don’t HAVE to file a tax return.  And if you don’t file, you can’t claim any tax credits, which means no refund.

If you’re single and under 65, you’re not required to file a federal tax return unless you made more than $9,750 last year.  Or if you’re the head of household, it’s $12,500.   If you qualify for the earned income tax credit, you SHOULD file, so you’ll get a refund.

The Child and Dependent Care Credit.  If you work and have kids under 13 who go to day care, you might qualify for a deduction of up to $2,100.  And you can also deduct the cost of summer camp.

Charitable Donations.  Not just the amount of money you gave to charity last year.  If you volunteered at something like a local soup kitchen, you can deduct any money you paid for parking…and also 14 cents per mile if you had to drive there.

Job-Search Expenses.  Meaning any money you spent on printing resumes, postage, and even travel expenses…as long as the job you were applying for was in the same field as your previous job.  However, job-hunting expenses for your FIRST job are NOT tax deductible.

Get the money owed you this year!

D&J

Dave & Jen Podcasts

TAYLOR NICKI

Hollywood Dirt Report

Taylor and Nicki…it’s ON!

bear

FREAK Files

Hungry bears take naps…in the backyard!

computer

Tech Tips

Why you need to update your Microsoft security settings TODAY

wedding

Today’s Heroes

A young Albany cancer patient “marries” her nurse

LAWLESS

Hollywood Dirt Report

Could “Xena” be coming back?

More Podcasts

Recent Headlines

in Music

HBO documentary, concert special to focus on U2

16-overlay8

The Irish rockers are set to take fans behind the scenes of their current iNNOCENCE + eXPERIENCE world tour.

in Music

Watch 1,000 people play ‘Learn to Fly’

23-overlay20

This is the most amazing Foo Fighters tribute band ever.

in Entertainment

NETFLIX: Watch it before it’s gone

netflix

These titles are expiring soon - so start binge watching now!

in Music

Shakira’s son, the future soccer star?

22-overlay16

The "Hips Don't Lie" hitmaker posts a video of little Sasha following in his father's athletic footsteps.

in Viral Videos

Watch this reporter confront the woman accused of stealing his identity

14-overlay19

An accused credit card thief picked the wrong guy when she used a credit card number belonging to Texas consumer affairs reporter Steve Noviello.