(931) 551-3071

Tax Tips

Charitable Giving

When you pledge to donate to a qualified charity, the contribution is only deductible in the year the donation is actually made. For example, if you pledged to donate $200 to a charity in November and paid the amount in January of the next year, your donation can not be used until the next tax year. And if you paid $100 of that donation in the same year it was pledged, you can only use the $100 as a tax deduction.

Job Search Expenses

Looking for a job that is in the same line of work of your current job can lead to a few tax deductions on your federal income tax return. A few of the expenses that can be used are, employment and outplacement agency fees, cost of preparing and mailing copies of your resumé to prospective employers, travel expenses to interview for a job. Contact a Kwik Tax specialist today to learn about the conditions of these tax deductions

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