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.

Related posts:
Save money this year in anticipation of the next
Taxes in some states have become so bad due to deficits. Is there an end in sight?

Tags: money management tools, investment magazines, tips and tricks