| It's tax season AGAIN, and you should be
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| | 1. Mileage (not claimed as business
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| looking for those tax deductions that can
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| | mileage on another form)
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| legally lower you tax bill.
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| | 2. Medical expenses
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| Here are some of the typical deductions
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| | 3. Charitable Contributions (there are
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| that you want to make sure your tax
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| | new record keeping rules that apply for
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| preparer knows about so you get the
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| | cash donations)
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| write-off.
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| | 4. Mortgage Insurance premiums for
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| 2007 Mileage Deductions
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| | contracts issued after December 31, 2006
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| Business Mileage 48.5-cents per mile
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| | (this is NEW for 2007!)
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| Charitable Work Mileage 14-cents per mile
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| | 5. Mortgage Interest & Points
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| Medical & Moving Mileage 20-cents per
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| | 6. Real Estate Property Taxes (on
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| mile
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| | residences not used for business or
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| Dependent Education Expenses
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| | rental)
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| There are two tax credits available to
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| | 7. Sales tax you paid on retail purchases
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| help you offset the costs of higher
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| | 8. Investment interest on money borrowed
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| education by reducing the amount of your
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| | for a property held for investment
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| income tax. They are the Hope Credit and
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| | 9. Job expenses you paid as an employee
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| the Lifetime Learning Credit, also
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| | (if you were not reimbursed and if you
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| referred to as education credits.
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| | are not filing Form 2106)
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| To learn about these credits, who can
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| | 10. Tax preparation fees paid to a
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| claim them, what expenses qualify, and
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| | professional tax preparer
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| more, visit the website and in the
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| | Schedule E Deductions for Rental
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| search bar type in either "child
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| | Properties
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| education expenses" or "Publication 970."
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| | If you own rental properties then the
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| For dependents in daycare through middle
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| | income and deductions go on Schedule E.
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| school, deductible expenses do not
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| | Here are the deductions you can take on
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| include tuition. However, after-school
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| | rental properties.
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| care expenses and a few other types of
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| | Here is a partial list of Schedule E
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| expenses are deductible. Ask your tax
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| | deductions you can take on rental
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| preparer for advice and be prepared to
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| | properties - for details visit the
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| supply the name, address and federal tax
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| | website and in the search bar type in
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| ID number or social security number of
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| | "schedule E."
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| the care provider as this information is
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| | 1. Advertising
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| needed on the tax return.
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| | 2. Auto & Travel
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| For each dependent, your tax preparer
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| | 3. Cleaning & Maintenance
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| will need the child's full name, date of
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| | 4. Commissions
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| birth and social security number.
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| | 5. Legal & Other Professional Fees
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| Schedule A Itemized Deductions
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| | 6. Management Fees
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| If your itemized deductions exceed your
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| | 7. Mortgage Interest
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| standard deduction, then you are allowed
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| | 8. Other Interest
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| to take the greater of the two. Here are
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| | 9. Repairs
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| the standard deductions for 2007.
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| | 10. Supplies
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| $5,350 - Single or Married filing
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| | 11. Property Taxes
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| Separately
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| | 12. Utilities
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| $10,700 - Married filing jointly or
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| | While we must pay some taxes, it's smart
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| qualified widow(er)
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| | to use a professional tax preparer and be
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| $7,850 - Head of Household
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| | sure you are getting the maximum
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| Here is a partial list of Schedule A
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| | allowable deductions to reduce your tax
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| deductions - for details visit the
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| | bill. There are other deductions
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| website and in the search bar type in
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| | available if you have them, but these are
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| "schedule A" and look at the instruction
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| | the most common.
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| form:
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