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How To Maximize Your Tax Deductions

It's tax season AGAIN, and you should beform:
looking for those tax deductions that1. Mileage (not claimed as business
can legally lower you tax bill.mileage on another form)
Here are some of the typical deductions2. Medical expenses
that you want to make sure your tax3. Charitable Contributions (there are
preparer knows about so you get thenew record keeping rules that apply for
write-off.cash donations)
2007 Mileage Deductions4. Mortgage Insurance premiums for
Business Mileage 48.5-cents per milecontracts issued after December 31, 2006
Charitable Work Mileage 14-cents per(this is NEW for 2007!)
mile5. Mortgage Interest & Points
Medical & Moving Mileage 20-cents per6. Real Estate Property Taxes (on
mileresidences not used for business or
Dependent Education Expensesrental)
There are two tax credits available to7. Sales tax you paid on retail
help you offset the costs of higherpurchases
education by reducing the amount of your8. Investment interest on money borrowed
income tax. They are the Hope Credit andfor a property held for investment
the Lifetime Learning Credit, also9. Job expenses you paid as an employee
referred to as education credits.(if you were not reimbursed and if you
To learn about these credits, who canare not filing Form 2106)
claim them, what expenses qualify, and10. Tax preparation fees paid to a
more, visit the website and in theprofessional tax preparer
search bar type in either "childSchedule E Deductions for Rental
education expenses" or "PublicationProperties
970."If you own rental properties then the
For dependents in daycare through middleincome and deductions go on Schedule E.
school, deductible expenses do notHere are the deductions you can take on
include tuition. However, after-schoolrental properties.
care expenses and a few other types ofHere is a partial list of Schedule E
expenses are deductible. Ask your taxdeductions you can take on rental
preparer for advice and be prepared toproperties - for details visit the
supply the name, address and federal taxwebsite and in the search bar type in
ID number or social security number of"schedule E."
the care provider as this information is1. Advertising
needed on the tax return.2. Auto & Travel
For each dependent, your tax preparer3. Cleaning & Maintenance
will need the child's full name, date of4. Commissions
birth and social security number.5. Legal & Other Professional Fees
Schedule A Itemized Deductions6. Management Fees
If your itemized deductions exceed your7. Mortgage Interest
standard deduction, then you are allowed8. Other Interest
to take the greater of the two. Here are9. Repairs
the standard deductions for 2007.10. Supplies
$5,350 - Single or Married filing11. Property Taxes
Separately12. Utilities
$10,700 - Married filing jointly orWhile we must pay some taxes, it's smart
qualified widow(er)to use a professional tax preparer and
$7,850 - Head of Householdbe sure you are getting the maximum
Here is a partial list of Schedule Aallowable deductions to reduce your tax
deductions - for details visit thebill. There are other deductions
website and in the search bar type inavailable if you have them, but these
"schedule A" and look at the instructionare the most common.



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