Not too late to save on 2012 taxes

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There are many overlooked tax deductions which you can use to save some money. They may seem small, but added together could combine for big savings.

Business expenses

- Education expenses to improve your job skills are tax deductible as are job related profession journals, newspapers and books.
- The expense to purchase a required uniform. Even the dry cleaning expense can be deducted in some portion for the cleaning of that uniform.
- Union dues.
- If you used an employment agency to find a job this year, that fee is tax deductible. Additionally, any expense for job seeking in your current field including postage, photocopying and mileage.
- Do you play music in your small business? The stereo can be written off.
- Cleaning and laundering while traveling for business.
- If you use your cell phone for business, a portion of that expense is also tax deductible.

Charitable expenses

- Don’t forget to total and deduct your mileage to and from your volunteer work.
- If you are sent by a charitable program to work at a distant location, all expenses associated with that trip are deductible.
- Don’t forget that clothing donation you made earlier in the year – find those receipts and write in the value of what was donated.

Finances

- Student loan interest is deductible.
- Refinancing points on a mortgage.
- Accounting or legal fees associated with your taxes.
- The cost of a safe deposit box for investments or business use.
- The penalty for an early withdrawal of savings may be deductible.
- Alimony or spousal support (but not child support).
- Any legal cost for the calculation and securing of child support is tax deductible.
- Jury duty pay reimbursed to your employer.
- Gambling losses as long as they don’t exceed winnings.

And talk to your accountant about getting creative. A couple of years ago an exotic dancer successful won a case to deduct the expense of an augmentation arguing that it was a work expense. So if the IRS can compromise on a boob job, they may be open to other types of deductions.


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