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Posted: 7:19 p.m. Friday, Dec. 30, 2011
You know how they say there are only two certainties in life? Well, the turn of the new year means one of them will be showing up in your mailbox pretty soon...and no, I'm not talking about death.
A new year means you'll soon be getting W-2s in the mail, and that means everyone's favorite tedious, time consuming activity...filing tax returns. Deborah Yates is a tax consultant with the IRS, she says it's important for you to remember to have ALL your W2s from all your jobs before you file.
"People will come in when they've worked four or five jobs and only bring two or three of their W-2s. So you really need them all to do one return, which is preferable."
Anyone who has been out of work and job hunting could get a few extra bucks as well.
"Things like travel expenses, if you had to fly to another state, for instance, for a job interview. Resume expenses are also potentially deductible."
One thing that will no longer be tax deductible is over-the-counter medication. Yates says now you must have a prescription from a doctor in order to receive that deduction as part of your health savings account.
Yates says there are more tools and tips available at the IRS website if you need help, and there's even a volunteer tax filing service that will do your return for you free of charge if you qualify.
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