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There’s just two weeks left to get those 2014 taxes filed. I know some of you have already filed and have even received your refund. Then there are the many who owe and are probably waiting as long as they can before they hit the enter key or drop that envelope in the mailbox.
It doesn’t matter what life stage you are currently in, there are generally deductions and credits that you can take advantage of. *
We just finished sitting down with our college-aged daughter, to do her taxes with her, and noticed that there are credits available for those pursuing a higher education degree.
Recent college graduates that begin repaying their student loans may qualify for the Student Loan Interest Deduction, which would deduct $2,500 of qualified student loan interest. Now that’s music to every graduate’s ears.
Newly married couples may find filing jointly affects their taxes in ways they did not expect, especially for women who have chosen a name change. Sur names on Social Security Cards, W-2s, and when filing should all match. Being pro-active in filing the correct forms with an employer, Social Security and the IRS is imperative.
Parents get to ease the burden of the cost of raising children with a child tax credit, which could be up to $1,000 per qualifying child. In some cases if parents are working and are paying for childcare they may qualify for the Child and Dependent Care Credit as well.
Seniors may wish to ask for assistance in preparing taxes to ensure that they are receiving all possible credits they are entitled to. There are some free services such as the Volunteer Income Tax Assistance program that will help not just for filing taxes but also with pension and retirement-related concerns.
While all these stages of life mean different tax credits and deductions, young and old alike can take advantage of the safety and security of storing their documents digitally with the Master Lock Vault.
The Master Lock Vault is a free, digital safe deposit box that provides a safe, secure solution for storing copies of important tax papers and other information that can be accessed from any computer, tablet or smart phone with an Internet connection.
Now through April 16th, 2015 any registered user of the Master Lock Vault is eligible to win one of five, $1,000 prizes! Entrants can access www.masterlockvault.com and follow the on-screen instructions to create a Master Lock Vault account, which will generate a confirmation message containing a link to the sweepstakes entry form. Existing, opt-in subscribers will receive an email containing a link to the sweepstakes entry form. For complete rules, go to http://www.masterlock.com/pdf/cms/ML-Tax-Relief-Rewards-SS-Rules-and-Regulations.pdf.
* Master Lock and myself are not legal, tax or accounting advisors, and the information provided to me by Master Lock in this post should not be construed as legal, tax or accounting advice. It is recommended that consumers consult a professional advisor for advice concerning specific tax or other matters.