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

     A list of possible tax write offs to consider this year, or to use for planning for next year. If you are thinking of buying a home, or you are already a home owner, these suggestions could provide you with a way to save some extra money in the coming year (2008) to help with a down payment, paying down debt, or starting that remodeling project. Check with your tax advisor or preparer to see if and how these items apply to you.

     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.     Cellular 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

     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.