Learn everything about the taxes you pay


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How To Maximize Your Tax Deductions

It's tax season AGAIN, and you should be
looking for those tax deductions that can3. Charitable Contributions (there are new
legally  lower  you  tax  bill.record keeping rules that apply for cash
donations)
Here are some of the typical deductions that
you want to make sure your tax preparer knows4. Mortgage Insurance premiums for contracts
about  so  you  get  the  write-off.issued after December 31, 2006 (this is NEW
for  2007!)
2007  Mileage  Deductions
5.  Mortgage  Interest  &  Points
Business  Mileage  48.5-cents  per  mile
6. Real Estate Property Taxes (on residences
Charitable  Work  Mileage  14-cents  per milenot  used  for  business  or  rental)
Medical  &  Moving  Mileage 20-cents per mile7.  Sales  tax  you  paid on retail purchases
Dependent  Education  Expenses8. Investment interest on money borrowed for
a  property  held  for  investment
There are two tax credits available to help
you offset the costs of higher education by9. Job expenses you paid as an employee (if
reducing the amount of your income tax. Theyyou were not reimbursed and if you are not
are the Hope Credit and the Lifetime Learningfiling  Form  2106)
Credit, also referred to as education
credits.10. Tax preparation fees paid to a
professional  tax  preparer
To learn about these credits, who can claim
them, what expenses qualify, and more, visitSchedule  E  Deductions for Rental Properties
the website and in the search bar type in
either "child education expenses" orIf you own rental properties then the income
"Publication  970."and deductions go on Schedule E. Here are the
deductions you can take on rental properties.
For dependents in daycare through middle
school, deductible expenses do not includeHere is a partial list of Schedule E
tuition. However, after-school care expensesdeductions you can take on rental properties
and a few other types of expenses are- for details visit the website and in the
deductible. Ask your tax preparer for advicesearch  bar  type  in  "schedule  E."
and be prepared to supply the name, address
and federal tax ID number or social security1.  Advertising
number of the care provider as this
information  is  needed  on  the  tax return.2.  Auto  &  Travel
For each dependent, your tax preparer will3.  Cleaning  &  Maintenance
need the child's full name, date of birth and
social  security  number.4.  Commissions
Schedule  A  Itemized  Deductions5.  Legal  &  Other  Professional  Fees
If your itemized deductions exceed your6.  Management  Fees
standard deduction, then you are allowed to
take the greater of the two. Here are the7.  Mortgage  Interest
standard  deductions  for  2007.
8.  Other  Interest
$5,350  - Single or Married filing Separately
9.  Repairs
$10,700 - Married filing jointly or qualified
widow(er)10.  Supplies
$7,850  -  Head  of  Household11.  Property  Taxes
Here is a partial list of Schedule A12.  Utilities
deductions - for details visit the website
and in the search bar type in "schedule A"While we must pay some taxes, it's smart to
and  look  at  the  instruction  form:use a professional tax preparer and be sure
you are getting the maximum allowable
1. Mileage (not claimed as business mileagedeductions to reduce your tax bill. There are
on  another  form)other deductions available if you have them,
but these are the most common.
2.  Medical  expenses



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