how to maximize your tax deductions

Discussion in 'General Preparedness Discussion' started by The_Blob, Oct 25, 2010.

  1. The_Blob

    The_Blob performing monkey

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    personally, I like to keep my withholding to a minimum so that my return is under $100, that means I have more of MY money throughout the year...

    but...

    goto the 'free' section of Craigslist, find all the crap that doesn't look like trash, go pick it up, clean/fix as necessary (if too far gone you wouldn't have taken it anyway), take to Goodwill, get receipt (usually they are very vague or they even leave them blank), make itemized list of what donated, goto IRS website & find the standard deduction (I ALWAYS choose the high $ amount :D ), file taxes (or have a CPA do it ;) )

    you can donate up 50% of gross earnings/year, any extra goes towards the next years tax return up to FIVE years (ie. if you donate 300% of your gross this year then you don't have to worry about deductions for five more years)

    also:
    cruise the better neighborhoods on trash day
    make up business cards & hand them out at any garage sales you goto, make sure that you put what day(s)/time(s) you are able to do pickups otherwise :gaah:

    I'm sure all ya'all can add to the list
     
  2. The_Blob

    The_Blob performing monkey

    4,230
    4
    oh... if you have more than 1 acre of land you can file agricultural, but THAT has an entirely new class of headaches, trust me :gaah: