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51 Legal Ways to Save on Your Taxes |
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Written by Manny Diez
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Thursday, 29 November 2007 |
Pay close attention to the following checklist, which points you in the direction of 51 specific deductions for your current tax return. (Please check with your tax preparer to confirm this information applies in your case.) Making money is sexy—keeping as much of it as you can is no less so. Although not all these items will apply to you, as you will see, whether you live on a fixed income or are well fixed financially, there is something here for virtually everyone. - Accounting costs of tax preparation for the previous year
- Professional organization dues and professional journal subscriptions
- Medical insurance premiums
- Union dues and expenses
- Liquidated damages to a former employer, as in a broken contract
- Gambling losses (Winnings do not qualify.)
- Charitable donations, including religious and nonprofit organizations
- On-the-job wardrobe requirements
- On-the-job footwear requirement
- Required tools, equipment, and supplies
- Political contributions
- Child or dependent care credit
- Earned income credit for low income workers
- Tax credit for energy efficiency home improvements
- Dental, medical, hospital bills
- Prescription drugs
- Eyeglasses, contact lenses, hearing aids, dentures, etc.
- Employment agency fees
- Business-related moving expenses
- Tax advice in the form of newsletters, seminars, books, etc.
- Cleaning and laundry for work-related gear
- Work-related protective clothing and accessories
- Appraisal fee to determine loss for casualty or theft deduction
- Appraisal fee to determine market value of property claimed as deduction
- Work-related home telephone expenses, including long-distance
- Customer entertainment
- Professional licenses
- Malpractice insurance
- Investment expenses for advice paid to banks, brokers, advisors, etc.
- Travel expenses to consult with investment broker, conduct research, etc.
- Cost of safety deposit box rental
- Cost of preparing and sending job resumes
- Cost of information on how to write a job resume
- Travel and transportation expenses related to job search
- Meal and lodging expenses related to job search
- Education costs for job-related classes
- Skills training for job
- Damages and losses caused by accidents, weather, theft, etc.
- Acupuncture
- Laetrile (varies by state)
- Psychiatric and psychological care and treatment
- Transportation to and from medical care
- Sales taxes, including big ticket items such as car, boat, etc.
- Mortgage interest
- Interest on loan purchases
- Business-related moving expenses
- Capital gains and losses
- Personal retirement plans such as IRA and Keogh
- Personal property, state, and local taxes
- Real estate taxes
- Alimony
NOTICE: This list was accurate at time of publication in 2007, Contact nearest IRS office for current information on any recent changes in tax laws.
Copyright 2007. All Rights Reserved.  |
