30 Quotes by Cindy Hockenberry

It's pretty common for people not to consider all the things they can deduct. They don't realize that maybe they have a vacation home and they don't take the interest because they think they can't.

Tax laws are constantly changing. There have been six major tax bills passed in the last two years alone. Average taxpayers are not likely to be aware of all the changes that may affect their tax return. A tax professional stays abreast of these changes, and, as a result, is in a better position to assist taxpayers with filing accurate returns and claiming all the deductions and credits to which they are entitled.

It used to be, if you sold your main residence, you had to either pay tax on the gain or buy another home that cost more than the home you sold. Because the rules have changed, you no longer have to worry about that gain.

They basically just got rid of the flat definition which said a foster child is any child you care for as your own and cared for the entire year. In a way, a lot more people could qualify for the Earned Income Credit than did before.

The IRS typically assumes you didn't itemize for one reason or another. They almost never notify you if you miss deductions but they will tell you if you miss income.

If you're getting a refund, you'll get that refund sooner.

If you know your itemized deductions will be more than the standard deduction, you can still just use the standard deduction to get an idea in your mind. This will give you the lowest estimate.

If you want to save tax dollars, deferring your funds into a retirement account is probably the best solution. That money grows tax free and (if you take out a traditional IRA) you reduce your taxable income in the year you make the contribution.

Because the consumer did not have to pay the amount, it is income in the eyes of the IRS.