Tax Time TipsWritten by Aimee Cremasco
Every year we search for most effective tax breaks to ensure highest tax return possible—or lower taxes we owe, whatever case may be. While filing your taxes is about as much fun as a root canal, learning a few tips and tricks can help make experience a little less stressful.Child Deductions While custodial parent is generally allowed $3,050 per child for 2003 ($3,000 for 2002), this rule can be over-ridden. Parents can agree to allocate exemptions—for example: allowing your ex to have child's exemption won't preclude a custodial parent from claiming head of household filing status. Business Deductions Small-business owners can deduct costs incurred to earn income. Be sure to maintain your financial records accurately and save all receipts. Deductible expenses for small businesses include advertising, promotion, rent, salaries, legal fees, auto expenses and accounting fees (next year you can claim cost of this year's claim). If your taxable sales are less than $30,000, you don't' have to register for GST/HST. However, it's generally advisable because you can claim input tax credits in respect of your expenses.
| | Saving Money on Food and GroceriesWritten by Stefanie Epperly
The average family of 4 spends about $120 a week on groceries according to figures from U.S. Statistical Abstract. That adds up to over $6200 per year! There are many ways we can reduce our grocery bills, it just takes a little time each week. I will share with you ideas that I have gathered from other people as well as tips I have used myself. Prepare *Keep a list of needed grocery items on your refrigerater. Children can even help with this. When the've used last of a particular item, have them add it to list. This way you already have your grocery list made by time you go shopping and you also won't have to make unnecessary side trips to store to pick up items you have forgotten. *Once a week, take about 15 minutes to scan sales ad of store you shop at. This way you will know what is on sale and you can add them to your list. *Clip coupons! The best way I've found is to only clip items you use on a regulas basis. This way you won't be spending money on products you don't use. I used to spend more money at grocery store using coupons because I was buying products just because I had a coupon for it without really needing it. So just clip coupons for products you actually use! *Don't go store hungary. You will spend more than you planned because everything looks good! *If you can, go without kids. I always spend more when my kids are with me for 2 reasons. The first one is they want EVERYTHING! The second is if they are being difficult you will hurry without being able to comparison shop or you may miss some items on your list. Shop: *Stock up on items that are on sale. When hamburger is on sale, for example, for .99 per pound, buy at least 5 pounds. When you get home, seperate meat in into 1 lb packages and freeze. Take advantage of 2 for 1 specials since meat will stay good in freezer for quite a long time. Stock up on canned goods that you use on a regular basis and store them in your basement or linen closet or any other space you may have.
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