🔎 My Best Job Ever, 💰 Saving Money, and 📄 Income Tax Returns

This week I’m sharing how I got my best job ever and why I hated it, how to save money when it seems too hard, and how income tax returns have changed

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We’re just six weeks away from the deadline now, and one of the big changes in the tax laws that were implemented last year is this: chances are now much slimmer that you’ll be itemizing deductions than ever before.

Because of the changes to the tax laws which began for 2018, the new standard tax deduction filers could claim has nearly doubled from its previous amount.

It is now $12,000 for single filers and $24,000 for married couples filing jointly. Plus, if you’re 65 or older, you can add on an additional deduction, too. Of course, disabled and/or the blind receive deductions as existed before these changes as well.

If you do feel like using “itemized” deductions, it will be much more difficult to do because at the same time the standard deductions are increasing, many itemized deductions have been eliminated or reduced.

Most notably, the total deduction for state and local income and real estate taxes (SALT) is capped at $10,000 (for singles and married couples filing jointly). These changes could lead an estimated 90% of filers to take the standard deduction this year, up from the typical 70%, according to the Tax Policy Center.

The good news is that for most people this change to the standard deductions means less time locating receipts and poring over bank and credit card statements to find every single tiny deduction. It’s just easier now to figure out the few allowable deductions like your mortgage interest, real estate taxes, charitable deductions, and any state or local taxes you have paid.

When they are all added up, if that total is less than your standard deduction, you can skip them all together. There is one deduction though that you will want to consider and that may be your medical expenses if you do have a high amount that can qualify for a deduction.

For those in some states, you itemize deductions when you file even if you take the standard deduction on your federal return. States also may have different rules for what’s still deductible, so check before you do any filing. The deadline when 2019 returns are due is April 15, 2020.

Do you spend time daydreaming about getting a really great new job? You know, one that will give you all the opportunities to grow and shine and fulfill all of your potential. Of course, it will also pay you way more than the job you currently have and that means success and security for you and your family. That’s one good reason that you get up every morning and go to work in the first place. Financial security and job fulfillment all rolled up into one big ball sounds like a pretty good deal, doesn’t it?

That’s what I always thought and let me tell you this, it doesn’t always quite work out that way. Sure, earning a bundle and getting a title, a company car, perks and prestige sounds like a dream to you, but keep in mind a big key word here: work! They don’t call it “vacation” for a good reason, so while you may dream about some pie-in-the-sky opportunity, it might lead to you getting the “best job ever” and you might wind up hating it!

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With early and continued exposure to personal finance and economics, kids today are growing up to be better savers, investors, and borrowers, according to the Council for Economic Education. The expectations are that they can and will make better financial decisions for themselves and their families in the future. But, then what about you?

If saving is just a matter of “education”, well you aren’t living on a remote island someplace, are you? It’s the 21st century and you are getting money advice from everywhere these days, so what is the problem? If saving money is just a matter of educating yourself, then saving should be easy. So why is it so hard?

It’s Not Only You Who Struggles with Money

Super Saving Tip of the Week:

Confused about your taxes? You can get free income tax filing help in filing your return in person or online all over the USA.

MyFreeTaxes: This online source is a joint effort of the United Way and H&R Block and is free and open to anyone with a simple tax return. They won’t do Schedule C (the profit or loss from sole proprietorship), Schedule D (capital gains and losses) or Schedule E (supplemental income). It will be available starting Jan. 30, 2020.

MilTax: This is tax help primarily for active-military personnel, including such complexities as deployments, combat and training pay, housing and rentals, and multistate filings. You can learn more online or call 800-342-9647.

IRS Volunteer Income Tax Assistance (VITA): This federal grant program staffed by IRS-certified volunteers is aimed at people who generally have income of $56,000 or less, as well as at people with disabilities and people with limited English language skills. VITA volunteers assist with the free preparation and electronic filing of basic returns. Use the IRS locator tool to find a location, or call 800-906-9887.

Tax Counseling for the Elderly (TCE): This is also a federal grant program and it specializes in questions related to pensions and other retirement-related issues. The free program is open to anyone and it’s particularly helpful to taxpayers who are age 60 and older. Volunteers are IRS-certified. Use the IRS locator tool to find a location, or call 800-906-9887.

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