7 Income Tax Tips – Increase Your Tax Refund

It's that time of year when the treasury wants to know how much you earned and how much tax you owe. Remember that your tax return must be returned to the Internal Revenue Service (IRS) before April 15 this year, unless you have requested and obtained an extension. We all want to pay less tax, but instead of looking for loopholes and gray areas, rather focus on managing your tax affairs as efficiently as possible. The personal and tips should be the current fiscal year a little easier on the pocket when completing your return:

1. Travel expenses it is good practice to keep a log of mileage distance to accurately determine your travel deduction. If you have two jobs, you can deduct travel expenses of the former to the latter, but if you have a single job, you can not deduct commuting costs, since it is considered a personal expense and not a business expense. Travel for business, including costs to attend seminars and conferences are 100% tax deductible. Travel deductible costs of hotels, airfare, taxis, car rentals, off parking, tolls and tips.

2. Medical costs keep records (including invoices and statements) of medical expenses not covered by your medical aid, to obtain a deduction for expenses relating to the assessment. Depending on your income, certain medical expenses, including health insurance and dental insurance premiums may be deductible. This deduction is limited to the cost of more than 7. 5% of your income. Further develop your non-deductible personal medical expenses into a legitimate business expense.