Save money on your taxes every year
Lizzie is off this week so I’m going to give writing about saving money a try. Sometimes we share little tips and tricks between ourselves so hopefully this one will be as helpful to everyone as hers usually are.
I was searching around the internet and found 7 ways to save money on your taxes:
1) If you go green you can get tax credits thanks to the Energy Policy Act. The more you reduce your energy usage, the more you can credit on your taxes.
2) When you itemize on your taxes, your medical bills can be deducted. This goes as far as to include prescription drugs, doctor visits, and surgeries.
3) Any ticket you buy that has a “suggested donation” can be deducted also. You can write off those out of pocket costs while doing charitable work also.
4) Some money management tools can be deducted such as safe-deposit box fees, tax-prep fees, subscriptions to investment magazines, etc.
5) Three words: Student loan interest
6) If you send in January’s mortgage payment ahead of time, you’ll make the mortgage payment in the current tax year and be able to deduct that interest.
7) Moving expenses can also be deduced if you have to relocate for your job or to obtain employment. Just make sure to keep track of all the expenses that you pay for while packing up and moving.
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Going green is a good idea for many reasons, but not cost effective if your trying to save money on your taxes. Have you ever seen how expensive anything green is?
Unfortunately half of the tax deducations are not part of tax law in Britain. You’d think that they would be cutting taxes for people who act in a green manner, but they just don’t. Even those who recycle versus those who don’t still get charged the same amount of council tax.
True going green can be expensive in some ways but the tradeoff is well worth the investment.
Take for example the cost of making cars more fuel efficient. Their is the cost of R&D which translates into a more expensive car. This is offset by the car buyer paying less per gallon which covers the added expense of the vehicle, basically resulting in a flat return on investment for their extra money in most cases.
However, the end result is that less gas is being used multiply by x amount of drivers slowing the rate of gas consumption per year and perhaps making it decline. This results in lower CO2 emissions which is good for the environment.
A worthy investment.
This are some nice tips on how to save money on your taxes, I would agree with your ideas…this really helps. But in our country I doubt where our taxes goes…we pay our taxes but the projects of the government are poor…