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Unreimbursed Expenses of Volunteer Workers

If you spend all of your free time and money volunteering in your community, you might be relieved to know that your unreimbursed expenses are potentially tax deductible. Before claiming the deductions on your tax forms, you must verify that your expense types and amounts meet the requirements of the IRS. Once you confirm your purchases qualify as deductions, you may feel more comfortable diverting your extra funds toward charitable causes throughout the year. At the end of the year, your deductions may offset your taxable income in a positive way to net you a higher refund. Here are four expenses that are commonly tax deductible for volunteer workers. Transportation The majority of your tra

3 Things You Need To Know About Reporting Dividends

Upon buying stock in a company, you will start to receive dividends that are based on the success of that entity. In good years, your dividends may really begin to add up and potentially impact your taxable income. By appropriately assessing and reporting your dividends on your taxes, however, you actually increase your ability to net a higher return. Here are three important things you need to know about reporting dividends to the IRS. Qualification Specifications The IRS requires that you identify your dividends as either ordinary or qualified. Since the ordinary dividends are taxed at a higher rate, it is often in your best interest to ensure the majority you receive are considered qualif

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