How to get your money back when tax return 2008.Jul.27. Posted in Money
Getting your tax return filed back in April was likely a big relief, but you may have missed some key deductions. Here are common mistakes — and how to get your money back.
By Jeff Schnepper
Congratulations. You sent your 2007 tax return to the Internal Revenue Service. You even got a refund, in addition to a $600 tax rebate through President Bush’s stimulus plan.
I’m sorry to have to wipe that smile off your face, o tenacious taxpayer, but you left money on the table. Not to worry, though. With a little effort, you can get the money back.
Most of us remember to deduct mortgage interest, property taxes, state income taxes and the like. But there are some tax breaks we sometimes fail to use. Here are five of the biggest breaks that get missed:
Excess Social Security taxes
If you’re an employee, you pay a Medicare tax of 1.45% of your wages plus a Social Security tax of 6.2%. Though there’s no limit on wages subject to Medicare, your 2007 Social Security tax was limited to the first $97,500. (It rose to $102,000 for 2008.)
American Idol winner in trouble with IRS
Entitlement programs pushing America towards financial ruin
Convicted Fraud Fugitive Cornelius Robinson Arrested Near Lo
Make Free Money from your Credit Cards
Why Taxes Don’t Matter Much Anymore
Australia is for FTA with India but No Uranium Supplies!
McCain and Obama commemorate 9/11 anniversary
The Politics of Hurricane Gustav
Surge protector saves money, power by cutting “ghost drain”