Tax Deadline Looms For Big Purchases

5 years 3 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 student at Battle High School was taken into police custody on Monday after administrators reported finding drugs... More >>
1 hour ago April 25, 2017 Apr 25, 2017 Tuesday, April 25 2017 Tuesday, April 25, 2017 10:05:00 AM CDT in News
DEXTER (AP) — An investigation continues into a fatal crash in southeast Missouri involving a motorized bicycle and a Stoddard... More >>
1 hour ago April 25, 2017 Apr 25, 2017 Tuesday, April 25 2017 Tuesday, April 25, 2017 9:52:39 AM CDT in News
ROGERSVILLE (AP) — The son of a southwest Missouri man who was killed in a dog attack has filed a... More >>
2 hours ago April 25, 2017 Apr 25, 2017 Tuesday, April 25 2017 Tuesday, April 25, 2017 9:24:16 AM CDT in News
ST. LOUIS (AP) — A former Washington University researcher has won a $769,000 judgment after alleging the school refused to... More >>
2 hours ago April 25, 2017 Apr 25, 2017 Tuesday, April 25 2017 Tuesday, April 25, 2017 8:41:18 AM CDT in News
KANSAS CITY, Mo. (AP) — A Kansas City man has been charged with fatally shooting a man who tried to... More >>
3 hours ago April 25, 2017 Apr 25, 2017 Tuesday, April 25 2017 Tuesday, April 25, 2017 7:54:25 AM CDT in News
COLUMBIA - As the second oldest survivor of the Dec. 7, 1941 Pearl Harbor attack, Lieutenant Jim Downing is reminding... More >>
12 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 11:07:00 PM CDT in News
FULTON - Fulton Police are investigating a body found. Fulton Police Chief Steve Myers believes the body could belong to... More >>
14 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 9:19:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri senators have confirmed a former PricewaterhouseCoopers partner to be the state's next revenue director. ... More >>
14 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 8:44:56 PM CDT in News
COLUMBIA - Columbia Public School teachers could see a significant increase in salary for the coming school year. The... More >>
16 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:22:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri senator says he's moving out of a room he rents from a lobbyist following... More >>
16 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:17:23 PM CDT in News
JEFFERSON CITY (AP) — The Missouri House has passed stricter requirements for tracking fetal tissue after abortions. The... More >>
16 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:13:00 PM CDT in News
MID-MISSOURI - There were 36 reported cases of salmonella in Mid-Missouri Monday, with the majority of cases reported out of... More >>
16 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:04:00 PM CDT in News
COLUMBIA - Columbia Public Works is requesting community members complete a survey on new markings for cyclists at intersections in... More >>
16 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 6:40:00 PM CDT in News
COLUMBIA - Wind, water and solar power are all elements that usually come to mind when the words 'renewable energy'... More >>
17 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 6:02:00 PM CDT in News
COOPER COUNTY, Mo. - Two people died during a plane crash on Highway 98 near Boonville around 1:40 p.m Monday.... More >>
18 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 5:03:00 PM CDT in News
ARGYLE - For years, the Rock Island rail line carried trains across Missouri, straight through towns like Eldon, Freeburg and... More >>
19 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 3:50:00 PM CDT in News
KANSAS CITY (AP) — A teenager who was shot by a Kansas City store clerk who thought the boy was... More >>
19 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 3:39:00 PM CDT in News
BOONVILLE- What began as a joke between two friends inspired an event that raised money and awareness for a... More >>
20 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 2:49:00 PM CDT in Continuous News
Columbia, MO
Broken Clouds 70°
12pm 74°
1pm 77°
2pm 79°
3pm 80°

Select a station to view its upcoming schedule:

Coming Up Next

11:00a
Rachael Ray
12:00p
KOMU 8 News @ Noon
12:30p
Inside Edition
11:00a
Jerry Springer
12:00p
Jerry Springer
1:00p
Maury

Tonight's Schedule

7:00p
The Voice
8:00p
Great News
8:30p
Great News
9:00p
Chicago Fire
7:00p
The Flash
8:00p
iZombie
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld