Saving money on your taxes

Now that 2011 is over it’s time to think about your taxes.  There are new ways to save money and one place guarantees they will do your taxes for less!

“What we're proud of is we'll give you a complete quote BEFORE we start your tax return,” said John Striewe.

Striewe is the founder of Fiscal Tax Company.  And John says that tax return will cost you at least $50 less than a national chain. Fiscal Tax averages $150 returns, with offices in Kroger and Marsh, and they've been doing taxes for more than 35 years.

Now they offer another service: doing your taxes, but getting money back on a Visa.  It builds credit and it's fast.

“The way it works, they come in and we do their taxes. We give them the card immediately. They then take it home, call the bank, establish their pin number and as soon as any money is released by Indiana or IRS, they'll receive a text message. That text tells you you got your money,” explained Striewe.

And there are more tax saving ideas.

The government is giving more incentives for people to go back to school. There is the American Opportunity Credit which can get you up to a $2,500 refund on your federal tax return.

As far as the Indiana Tax return, renters can deduct the first $3,000 paid in rent.  But that's not all. If you happened to purchase a new home last year and you paid rent and you also had property taxes, you can take up to $2,500 of your property taxes. That could mean up to $300 back on your Indiana return.

Parents shouldn’t forget the Earned Income Credit (EIC). They've increased it up TO $5,700 for 3 or more children.

Some of the most commonly overlooked deductions are job related items.  You can deduct depreciation on your computer or cell phone required to do your job.

There are also job search expenses and mileage deductions as well.

One final note: with more deductions and better mileage rates, the IRS is doing more audits for taxpayers claiming business deductions.  

For more specific tax information, here’s Fiscal Tax Company’s website:  http://www.fiscaltax.com/