Tax time strategies

Savings Angel

Tax time may not be popular but it’s unavoidable, and it’s certainly better if you don’t owe money! If you get money back, that’s a much more pleasant experience, but Josh Elledge of savingsangel.com says large refunds just aren’t a smart way to use your dollars.

“If you get a large refund all that means is you lent the government your money at zero interest for a full year,” Elledge said. “It’s not necessarily financially wise.”

Elledge has four things you should know to save money in taxes.
Filing the extension does not give more time to pay taxes--only more time to file returns. You still have to send in the estimated tax amount you owe by April 18th.

Claiming a home office is very strict--but don’t skip it if you truly qualify. Benefits include claiming 20% of deductible mortgage interest and real estate taxes, home maintenance, insurance and utilities.

Itemizing can be a waste of time unless you have a home office, large charitable deductions, large medical expenses and/or high mortgage interest and real estate taxes. To itemize your combined deductions need to exceed the standard deduction amounts every taxpayer is entitled to.

Filing early can help protect you from identity theft. A higher percentage of taxpayers are victims of tax return fraud. Thieves file very early using stolen social security numbers and birth dates and make off with refund money. Those committing tax fraud are rarely caught and clearing up the mess is the responsibility of the victim.

For more tax tips visit IRS.gov.

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Josh Elledge is chief executive "Angel" of SavingsAngel.com, a website that teaches consumers how to save money through a free money savings video eCourse and podcast. SavingsAngel also provides hundreds of 50% off or better deals each week to members by matching local grocery and drug store sales with its free database of over 5,000 accessible coupons. A husband and father of three, he now appears each week on television, in eight newspapers, and a number of radio stations across the country teaching families how to cut their grocery bill in half using the Internet. Elledge created the technology found on SavingsAngel.com through the need to save his own family’s money. Successfully able to cut his own grocery bill from $600 a month to less than $300 a month, his message has reached hundreds of thousands of families. SavingsAngel.com is now growing rapidly throughout the country. You can watch a short video at SavingsAngel.com that will explain more information about how to cut your own grocery bill in half with the help of SavingsAngel.com!