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 2010 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 2010 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 2010

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

Fees paid for an IRS Audit

Rehab treatment services like Alcohol and Drug

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

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

Theft or Casualty losses

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

Do you travel – cleaning or laundering service while travelling

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

Home computer depreciation

Contact lenses, hearing devices and prescription eyeglasses

Prescription expenses for contraception

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

Home computer depreciation

Labor Union Dues

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

Your contributions to a state run disability fund.

Moving expenses (related to moving for work)

Money paid for self employment tax

Paid Foreign taxes

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

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

Expenses paid for foster care

Gambling “losses” (aka taxes) from gambling winnings

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

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

Impairment-related work expenses for a disabled individual

Investment advisory fees

Separately billed IRA trustee admin fees

Expenses due to having lead paint removed from your home

Fees incurred in connection with collecting or obtaining alimony

Long-term care insurance premiums

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

Prepayment penalties and late fees for your mortgage

Expenses related to charitable activities (such a travel)

Health insurance premiums if you are self employed

Monies paid for penalties associated with early savings withdrawals

Personal liability insurance for wrongful acts as an employer

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

Expenses for work required clothing

Taxes associated with the sale or purchase of Real Estate

Seller paid closing costs paid on your behalf

Special equipment if you are disabled

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

Personal property taxes charged by your state on cars and boats

Professional association fees and subscriptions to professional journals

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.