All Posts Tagged With: "moving expenses"
Save money on your taxes every year
Jennifer McClelland | RSS | Fri, Jul 10 2009 | 4 Comments
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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Taxes in some states have become so bad due to deficits. Is there an end in sight?
Tags: tax credits, tips and tricks, safe deposit box
10 Tax Tips for anyone who still hasn’t done their taxes
Jennifer McClelland | RSS | Mon, Mar 16 2009 | 0 CommentsI have a confession, I still haven’t filed my income taxes for this year yet. I will get them done before the deadline and now with a few tips I found on the internet, perhaps I can “get the most” out of my income tax return.
1) Additional charitable gifts – Sure, you remember to deduct money and items donated directly to charity, but how about items you bought for a charity event? Also uniforms that you have to buy to work at a charity event.
2) Moving Expenses – If you have to move when relocating for a job, the moving expenses you incur can be deducted from your taxes.
3) Job hunting costs – If you’re already employed, costs incurred from job hunting can be deducted.
4) Military personnel travel – Members of the military can deduct travel expenses to drills and meetings.
5) Educational expenses – “In these cases, you have the option of the tuition and fees above-the-line deduction, which will take up to $4,000 off your taxable income, or the Lifetime Learning Credit, which could provide savings of 20 percent of tuition cost up to $10,000, or a $2,000 credit.”
You can read five more tax tips and more detailed information about the five written about here at the source link below:
Related posts:Taxes in some states have become so bad due to deficits. Is there an end in sight?
Tags: educational expenses, charity event, moving expenses
