| As you prepare to file your taxes, you're likely thinking | | | | generous deduction if you are an educator. |
| about how you can keep that final tax bite as small as | | | | 5. Moving Expenses |
| possible. Take a minute to take stock, mentally and | | | | While the rules can be tricky, if you're moving for work |
| through your records, to be sure you haven't missed | | | | related reasons, you're entitled to a deduction for your |
| deductions that have the potential to reduce that bite | | | | expenses, including mileage, storage, overnight stays, |
| significantly. | | | | etc. |
| Below are ten I have found to be most worthy of | | | | 6. Health Savings Account Deduction |
| taking a few extra minutes to make sure you're | | | | A newer deduction in the code, this is an alternative to |
| getting all you can from them | | | | traditional health insurance and has long term tax |
| 1. Car and Truck Expenses | | | | benefits if you use them. |
| There are so many costs associated with vehicles | | | | 7. Alimony Paid |
| and the ways you use them, you don't want to | | | | Court ordered spousal support, "alimony", is fully |
| overlook the benefits that are out there for the taking. | | | | deductible. Child support is not. |
| Mileage for business, charitable purpose, moving from | | | | 8. Job Search Expenses |
| one home to another, etc., and/or lease costs or | | | | This deduction is easily forgotten, but in a weak |
| depreciation, interest on loans, maintenance, and in | | | | economy it is also very important. Don't forget costs |
| some cases, fuel costs are all available to consider. | | | | of printing, copying, travel, phone usage, etc. as you |
| 2. Travel | | | | calculate this deduction. |
| Include any travel costs: hotels, airfare, meals, tips, cabs, | | | | 9. Student Loan Interest Deduction |
| etc. for any ordinary and necessary trip. | | | | An easily overlooked deduction that doesn't apply to |
| 3. Early Withdrawal Penalties | | | | everyone, but is very valuable to those who are still |
| If you incurred penalties for early withdrawal at a bank, | | | | owe on student loans. |
| you can deduct that penalty. | | | | 10. Self Employment Taxes |
| 4. Educator Expenses | | | | For business owners, this is often a large deduction |
| Professional educators are allowed to deduct | | | | that helps offset the burden of all the taxes you are |
| expenses for teaching courses. This is a wide and | | | | forced to pay as a business owner. |