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Bankruptcy: The Power of the Clean Slate

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Just Expense It!

Just Expense It!


We know—you don't even want to think about taxes again until next April. But the truth is, now is the perfect time to begin planning how you'll keep as much of your hard earned cash in your pocket and away from Uncle Sam. There are those who set themselves up to get $4,000 back each year by letting Uncle Sam borrow that money tax free! When would he do that for us? For those who don't get that much back each year, you may be missing out on some common tax deductions that
could be saving you money!

Family Expenses

There are often medical expenses that can be deductedas they pertain to your family—or even the delay of having one. These include childbirth preparation classes, some fertility enhancement procedures, birth control pills, and legal operations to prevent having children.

Moving Expenses

If you moved to a new city (especially for a job) within the year, you could be eligible to deduct all expenses - including packing, shipping of your household goods, shipping of your car, and pet transportation. Go ahead, use the good moving company instead of a U-Haul! You'll be glad for the extra help.

Work-Related Expenses

If you had any un-reimbursed expenses like mileage or clothing purchases specifically related to your job, you may qualify for tax deductions.

As always, consult your tax advisor, but these are some of the more commonly missed tax deductions. Keep your receipts throughout the year, and come tax time you may have an unexpected boon without having to get a big refund!

Any other suggestions for deductions out there? [Forbes]

Posted: 5/21/08