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March 3, 2009

7 Ways to Save Money on Taxes

10 ways to spend your leap your bonus day.

Photo Credit: stockbyte/Getty Images

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1. Go green and save some green. You can get tax credits under the Energy Policy Act for reducing your home’s energy use. To find out what qualifies, go to energystar.gov.

2. As long as you itemize, nearly all of your medical expenses can be deducted, from prescription drugs and doctor visits to surgery. See the full list of medical deductions at irs.gov to make sure you're not forgetting anything.

3. You already know you can deduct charitable donations, but don't forget any ticket you've purchased that had a "suggested donation." You can also write off out-of-pocket costs you incur while doing charitable work, like the ingredients used in a dish you regularly prepare for a soup kitchen.

4. Certain costs for managing your money that top two percent of your annual gross income are deductible, like safe-deposit box fees, calls to your broker, tax-prep fees, and subscriptions to investment journals.

5. Still paying for that pricey diploma? Student loan interest is deductible, even if you don't itemize.

6. Send in next January's mortgage payment early — if you make the mortgage payment in the current tax year, you can deduct the interest this year.

7. Chin up, unemployed college graduate. If your job hunt leads you to relocate for your first job, keep track of your receipts as you pack up. Your moving expenses are deductible.

What recession? Keep your wallet padded with 43 more tips for saving money on clothes shopping, your commute, grocery shopping and eating out, and your energy bill.

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