More Bang for Your Buck: Paying Taxes

WSVN -- Lets face it, doing taxes can be downright taxing.

But before you send Uncle Sam your life savings, it's important you don't short-change any deductions.

Accounting Student Willitone Petit: "Doing individual taxes - it's really easy."

At Johnson and Wales University, they'll do the filing for free.

Sergio Varona from Johnson & Wales University: "Our students actually receive training from the IRS as to how to prepare taxes."

Which is especially important considering all the changes for 2005.

This year, congress has even passed a special charity extension. If you made a donation to the tsunami relief in January, you can include it in this year's taxes.

Sergio: "Donations are always a good thing."

Also don't forget to include any property damage from last summer's hurricanes. If your insurance won't pay for it, the government will.

And here's a gamble.

Now, that the new hard rock casino has come to town, you can bet the IRS will be watching closely.

But if you have to pay taxes on your winnings, the feds will also let you deduct for expenses incurred losing.

Still looking for a loophole?

Well if you travel for business, the amount you can claim for mileage is on the rise.

Looking for a new car - you can get a $2,000 deduction on a hybrid.

Sergio: "Taxes aren’t one of the fun parts of life."

Student Anisa Balagam got her taxes done at Johnson and Wales. She's one of the lucky ones - she's getting a refund.

But Anisa really feels lucky because she was able to push the paperwork on somebody else.

Anisa: "It's a good feeling because you don’t have to do anything."

Believe it or not, the IRS is holding $73 million dollars of unclaimed refund money because of wrong mailing addresses.

FOR MORE INFORMATION:

Contact: lgarrigan@wsvn.com

Where's my Refund?
www.irs.gov

Johnson & Wales University
815 NE 125th Street
North Miami, FL 33167
305 892-7000
Monday-Friday 
10am to 4:30pm