Tax Write Off Ideas for Saving Money To Get Out of Debt, Save For A Down Payment

The following is a list of possible personal tax write offs to consider this year for your 2009 IRS Tax Return, or to use for planning for next year's return. Check with your tax adviser or tax preparer to see how these tax deduction write off ideas apply to your personal tax return.

If you are thinking of buying a home, or you are already a home owner, these tax deduction suggestions could provide you with a way to put some extra money in your pocket in the coming year 2009 to help with a down payment, paying down debt, accelerating your mortgage payoff, or replenishing your retirement account.

Haven't filed a return in the past few years? You may be eligible for a tax refund. Learn more in our article: File Late Tax Return To Get Unclaimed Tax Refunds - IRS Tax Help Tip.

Personal Tax Return Tax Deduction Ideas - Updated for 2009

1. Fees paid to a tax preparation service like your accountant or HR Block.


2. Fees paid for an IRS Audit


3. Rehab treatment services like Alcohol and Drug


4. Fees paid to have items that you donate to charity appraised (valued)


5. Fees paid to have items valued that were lost in a casualty such as a fire or flood


6. Theft or Casualty losses


7. Phones (this is related to using your phone for work as required by your employer)


8. Do you travel – cleaning or laundering service while travelling


9. Closing costs for buying or selling a home, and refinancing your home


10. Home computer depreciation


11. Contact lenses, hearing devices and prescription eyeglasses


12. Prescription expenses for contraception


13. Expenses associated with searching for a new job in your present occupation, including money spent for resume prep and employment outplacement agencies.


14. Home computer depreciation


15. Labor Union Dues


16. Employer required expenses for education, maintain your licenses, improve skills etc.


17. Your contributions to a state run disability fund.


18. Moving expenses (related to moving for work)


19. Money paid for self employment tax


20. Paid Foreign taxes


21. Fees paid for a safe deposit box that holds investments (i.e. stock certificates)


22. Childbirth preparation class(es) expenses if the instruction is related to obstetrical care


23. Expenses paid for foster care


24. Gambling “losses” (aka taxes) from gambling winnings


25. Expenses paid to a hospital for services like: lab work, therapy, nursing services, and surgery


26. Home improvements (especially check if you did energy efficient improvements)


27. Impairment-related work expenses for a disabled individual


28. Investment advisory fees


29. Separately billed IRA trustee admin fees


30. Expenses due to having lead paint removed from your home


31. Fees incurred in connection with collecting or obtaining alimony


32. Long-term care insurance premiums


33. Travel expenses incurred from having to travel and perhaps be lodged away from home due to medical reasons


34. Prepayment penalties and late fees for your mortgage


35. Expenses related to charitable activities (such a travel)


36. Health insurance premiums if you are self employed


37. Monies paid for penalties associated with early savings withdrawals


38. Personal liability insurance for wrongful acts as an employer


39. Points (and other applicable closing costs) for home mortgage or investment property refinance


40. Expenses for work required clothing


41. Taxes associated with the sale or purchase of Real Estate


42. Seller paid closing costs paid on your behalf


43. Special equipment if you are disabled


44. Special schools and separately stated fees for medical care included in tuition


45. Personal property taxes charged by your state on cars and boats


46. Professional association fees and subscriptions to professional journals


47. Theft or embezzlement losses

Again, this list is not exhaustive, nor is it the tax code. It is a collection of items for you to consider and consult with a tax preparer to determine their applicability to your situation. Each and every one of us look for ways to save money from time to time and this list is an attempt to help give you some ideas for this very thing.

Use these additional tips to save some money to get out of debt, pay college tuition, start a home improvement project, add to the emergency fund, or a down payment on a new home.