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Everyday Tax Savings for All Year Long

Published: August 30, 2011
Tagged: Trader Taxes

From our Partners at TaxACT®

Traders and Investors: Your daily expenses and activities may be earning you valuable tax breaks. From child care and retirement savings to medical expenses and hobbies, you have many opportunities to save thousands on your federal taxes. Our partners at TaxACT® provide nine valuable tax savings tips we've summarized for you below!

Even if you don’t qualify for a tax credit or deduction at this time, you may by the end of 2011. “The most important thing to do now is save receipts and documents,” says Jessi Dolmage, spokesperson for TaxACT®. “Keep the information organized and in one place to make tax time easier and faster.”

Here are nine everyday ways to save:

  1. Child care expenses
  2. Standard mileage
  3. Home office deduction
  4. IRA contributions
  5. Health Savings Account (HSA) contributions
  6. Medical expenses
  7. Charitable gifts
  8. Profitable hobbies
  9. Mortgage interest

You can learn more details about these tax breaks from the full TaxACT Blog article and from www.IRS.gov.

Many traders and investors need assistance with their complete tax filing. Popular tax software programs alone cannot handle the complex reporting needs of traders. However, with TradeLog you can generate your trading gains and losses, then import your schedule D data into TaxACT® which will then allow you to complete your 1040 reporting and e-file! TaxACT® may help you identify savings opportunities like those mentioned above and may save you money by allowing you to file your own taxes.

Learn more about TaxACT® at www.taxact.com.

TaxACT is a registered trademark of 2nd Story Software, Inc. Full text of this article published at www.blog.taxact.com and has been edited and published with permission.

Please note: This information is provided only as a general guide and is not to be taken as official IRS instructions. Cogenta Computing, Inc. does not make investment recommendations nor provide financial, tax or legal advice. You are solely responsible for your investment and tax reporting decisions. Please consult your tax advisor or accountant to discuss your specific situation.