IRS offers Year End 2012 Tax Deduction Tips for Filing Income Tax and Increasing Tax Refunds

IRS offers Year End 2012 Tax Deduction Tips for Filing Income Tax and Increasing Tax RefundsTo help improve the amount of tax refunds, the IRS has currently released some tax tips for Americans which are aimed at increasing tax refunds by ensuring that you maximize your 2012 tax deductions. Knowing when and how to best file taxes, for many for free online, is an important factor in maximizing your tax refund.

For those preparing and filing 2012 taxes using free online tax filing services and software, using the IRS tax tips is simplified by the easy navigation of the filing services. In addition to the number of third party tax preparation services like TurboTax and others, the IRS.gov web site also offers free tax filing options for many Americans depending on your tax filing needs.

Among the reminders and tax filing tip offered up by the IRS, are some tax deduction tips related to guidelines for donations of clothing and household items, rules for monetary donations, and a number of other reminders.

A few of the reminders on the IRS.gov web site are:
– To deduct monetary donations you must have a bank record or written document from the charity stating the name of the charity, the contribution amount and the date.

– Contributions are deductible in the year made, even if the credit card bill isn’t paid or the check isn’t cashed until 2013.

– Only donations made to qualified organizations are tax deductible. Make sure the organization you want to donate to is qualified before making any contribution.

– Individuals must itemize their deductions on Form 1040 Schedule A or use a short form (Form 1040A and 1040EZ) to claim the standard deduction.


Also at issues for 2012 tax filing are the tax changes based on the recent Fiscal Cliff legislation. The changes to the tax laws are being updated into the tax code by the IRS and the agency expects to be ready to accept tax filings, and start to issue tax refunds without much delay.

About Ed Dixon

Ed Dixon - as an experienced writer and proven business leader, Mr. Dixon is the primary contributor for news related to Business and Finance. ed_dixon@newstaar.com