Tax Deadline Looms For Big Purchases

5 years 2 months 4 weeks ago December 26, 2011 Dec 26, 2011 Monday, December 26 2011 Monday, December 26, 2011 11:00:00 PM CST in News
By: Allyson Brown

COLUMBIA - Wanna save money on your taxes? December 31, 2011 is the last day you can make contributions to charities or make big ticket item purchases. Tax season is less than two weeks away. You can begin to e-file your taxes as early as January 13, 2012.

Businesses who make those big purchases, like work trucks, can receive deductions.

The Internal Revenue Service website says people can get reductions on a home office, job search expenses, legal fees related to keeping your job, and fees related to tax preparation.

Your job can even be a possible deduction. Denise Nelson of Accounting Plus says, "The income tax credit is income based. Let's say a single parent with two kids make under $12,000 a year. For example, they don't owe a tax often time, and so anything they had withheld on their paycheck, they would get that back."

There is some good and bad news for those who were hit by the recession. Businesses that report losses will pay less, but people who collect unemployment will still be taxed. Experts point out that the unemployment payments are a type of income, so they're taxable.

 In Columbia alone, there are 517 tax exempt organizations, charities, and churches.To make sure your donations get tax exemptions, you should check the IRS website's list of non-profit agencies.

Some charities can even help you get up to 50 percent back on charitable donations. Big Brothers Big Sisters of Cental Missouri is one of those charities. Georgalu Swoboda, Executive DIrector of Big Brothers Big Sisters, explained it like this, "So it's very simple. A gift of 100 dollars and above will enable anybody that pays Missouri taxes, to cut that amount, 50 percent of that off of their taxes."

The last day to file taxes is April 17, 2012. It is usually the 15th, but since the 15th falls on a weekend, and Monday the 16th is a holiday after, tax day falls on that Tuesday.

 

More News

Grid
List
COLUMBIA - A Columbia man was arrested Sunday evening on suspicion of first-degree burglary. CPD officers were dispatched to... More >>
1 hour ago March 26, 2017 Mar 26, 2017 Sunday, March 26 2017 Sunday, March 26, 2017 10:28:00 PM CDT in Top Stories
COLUMBIA - Columbia police arrested a man Sunday morning after he allegedly shot multiple rounds from his gun near the... More >>
4 hours ago March 26, 2017 Mar 26, 2017 Sunday, March 26 2017 Sunday, March 26, 2017 7:25:00 PM CDT in Top Stories
COLUMBIA Updated 7:05 p.m. - The Columbia Police Department said a second victim in the Sunday shooting on I-70 Drive... More >>
7 hours ago March 26, 2017 Mar 26, 2017 Sunday, March 26 2017 Sunday, March 26, 2017 4:18:00 PM CDT in News
COLUMBIA - During his time as athletic director at the University of Missouri Mike Alden oversaw a little bit of... More >>
9 hours ago March 26, 2017 Mar 26, 2017 Sunday, March 26 2017 Sunday, March 26, 2017 2:35:00 PM CDT in Sports
ST. LOUIS (AP) — About 1,000 of St. Louis' delinquent properties are expected to face the wrecking ball to create... More >>
10 hours ago March 26, 2017 Mar 26, 2017 Sunday, March 26 2017 Sunday, March 26, 2017 1:13:10 PM CDT in News
OZARK, Mo . (AP) — A southwestern Missouri man is accused of sexual misconduct involving a teenager who investigators say... More >>
11 hours ago March 26, 2017 Mar 26, 2017 Sunday, March 26 2017 Sunday, March 26, 2017 12:20:00 PM CDT in Continuous News
FORSYTH, Mo . (AP) — Authorities said a southern Missouri man told investigators he was either sleepwalking or dreaming when... More >>
13 hours ago March 26, 2017 Mar 26, 2017 Sunday, March 26 2017 Sunday, March 26, 2017 10:25:00 AM CDT in News
COLUMBIA - Officers said a suspect is on the run after a robbery at an Extended Stay America Saturday night.... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:39:11 PM CDT in News
COLUMBIA - A hearing for Sturgeon Police Chief Greg Halderman will take place on Monday. On the week of... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 7:16:00 PM CDT in News
LINN - State Technical College in Linn opened up its campus to recruit prospective students and to show off what... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 4:49:00 PM CDT in News
UPDATED 3/26/17 7:46 p.m. The Boone County Fire Protection District is no longer leading the search. KOMU has... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 4:37:00 PM CDT in News
ST. LOUIS (AP) — Two men each are jailed on $750,000 bond after being accused in connection with the St.... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 3:38:00 PM CDT in News
COLUMBIA - Two semi trucks and two cars were part of a wreck Saturday that closed westbound I-70. The... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 3:23:00 PM CDT in Top Stories
JEFFERSON CITY, Mo. (AP) — The Republican-led Missouri Legislature will get back to a business-friendly agenda when it returns from... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 12:35:00 PM CDT in News
ST. LOUIS (AP) — A St. Louis man has been sentenced to life in prison without the possibility of parole... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:54:00 AM CDT in News
CLAYTON, Mo. (AP) — An activist who helped shut down a St. Louis-area freeway during protests commemorating the first anniversary... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:45:00 AM CDT in News
ST. LOUIS (AP) — St. Louis police say a 15-year-old boy was killed and six other people were critically wounded... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 10:41:00 AM CDT in News
COLUMBIA – A group of local artists hosted a fundraiser Friday night, giving people people the chance to view works... More >>
1 day ago March 25, 2017 Mar 25, 2017 Saturday, March 25 2017 Saturday, March 25, 2017 5:40:00 AM CDT in News
Columbia, MO
Broken Clouds 51°
12am 50°
1am 50°
2am 50°
3am 51°

Select a station to view its upcoming schedule:

Coming Up Next

11:35p
Elementary
12:35a
Paid Program
1:05a
Dateline NBC
11:00p
Heartland
12:00a
Sam Steele and the Junior Detective Agency
2:00a
Paid Program

Tonight's Schedule

7:00p
Little Big Shots
8:00p
Chicago Justice
9:00p
Shades of Blue
6:00p
Mystic Pizza
8:00p
Marvel's Agents of S.H.I.E.L.D.
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld