Tax season is coming! Don’t overlook these potential tax breaks, tax credits or tax incentives.
Charitable Volunteering: You may have deductible expenses if you volunteer for a charitable organization. Do you purchase equipment or supplies for the charitable organization? As part of your volunteering, were you required to buy a uniform? The costs of the outfit and the costs of cleaning can both be deducted.
Moving Expenses: If you are required to move for a first job that is 50 miles from the place the newly employed person has been living, it could be deducted. There are other moving expenses that may be deducted as well.
Job Hunting Costs: Things like resume preparation, printing, postage, phone calls, and employment agency fees may be deducted (compared to your adjusted gross income).
Child and Dependent Care Credit: Summer day camps qualify as a tax credit. There may be restrictions, just as your accountant or cpa.
Mortgage Refinancing Points: Refinancing your home or buying a second residence may help – at least the “points” you pay for each loan.
Military Reservists Travel Expenses: May receive a deduction for travel expenses attending drills or meetings provided you travel over 100 miles and stay overnight. Mileage reimbursement is included at 55 cents per mile, including parking toll fees.
Energy Efficient Tax Credits: The American Recovery and Reinvestment Act gives you the ability to recover up to 30% of the costs of making energy efficient improvements to your home. Consult with your tax advisor.
These energy improvements include, but are not limited to: exterior windows and doors, storm windows/doors, roofs, insulation, central a/c, heat pumps, and water heater.
The Personal Exemption for each qualifying dependent increases by $150 for 2009.
The Standard Mileage Rate for 2009:
Business Travel – 55 cents
Medical / Moving – 24 cents
Charitable Work – 14 cents
This information is meant for educational purposes and use only and may not be accurate. We are not accountants or CPA’s. If you need personal or business accounting or tax advice please seek a qualified CPA, Accountant or Tax Professional.