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What is that financial crisis that we have to deal with every year? Tax preparation time! We all know that time, and the negative feelings that can come with it. I am going to try my best to outline what to do and not do when it comes to your federal tax returns. Hopefully this will answer any questions you or help you overcome any concerns you may have. For those who are not very knowledgeable when it comes to federal taxes, this may be a bit confusing. If someone completes your taxes for you, this will still be useful. Give them these tips. I’m sure they could use them!

1 ) Get deduction for your automobile expenses. If you use your car for business, you are able to deduct the expenses of the car, or the mileage. If you pick the expenses of the car, alongside collecting costs of depreciation, gas, oil, tires, and repairs, you can also collect insurance premiums. Keep in mind though that you can pick one or the other, so choose carefully.

2 ) Get deductions for health insurance premiums. Self-employed people are usually able to do so. You can be deducted all health care costs for yourself, spouse, and children. Keep in mind; this can only be deducted if the person is not covered on a health plan by their company

3 ) Check to see if you’re able to be deducted of medical costs. For certain people (based on income) they can be reimbursed for medical costs such as insurance (health) or dental insurance premiums. This rule applies for those who have costs totaling to 7.5% or more percent of their income.

4 ) Make sure medical expenses are recorded before taxes are due. Since deduction is only given to those with costs higher than 7.5% of their salary, it is important to have all your medical expenses recorded before tax due dates. It is an advantage for many people to be over that 7.5%.

5 ) Check to see if you have any other insurance expenses which can be deducted. Often times, people are not aware of certain types of insurance which they are eligible for reimbursement through their taxes. Do not miss our on any chances for tax deduction.

6 ) Check for deduction on moving expenses. For people moving because of their job, you may be eligible for deduction if you report the costs within 30 days of moving. Moving is expensive, and this is a good place to get some money back.

7 ) Check previous federal taxes for deduction. You are able to receive deductions up until three years after receiving taxes. You may have not received deductions on the taxes from last year, so be sure to look. Visit the IRS to receive copies of taxes if you have lost them.

8 ) Report unemployment insurance benefits. This is considered taxable, so it is important to report it. Report all benefits received throughout that year.

9 ) Do not specify workers compensation insurance benefit as income. Workers compensation, along with child support, military allowance, welfare and so on are not taxable. Do not report these!