1. Non-cash tax donations. Charitable donations are among the most well-known tax deductions, but not everyone realizes that non-cash donations are also tax-deductible. Instead of dropping off clothing anonymously at your local thrift store, go on in and ask for a receipt. If you’ve donated products or services to your neighborhood’s annual Chinese auction, do the same. Having receipts for non-cash donations is the only way to get a tax write off for these contributions.
2. Health insurance expenses. You are entitled to a tax write off for many and health insurance premiums that you pay, which may even include long-term-care premiums. In order to qualify for a tax deduction, these fees must be added to your medical expense pot, and your health insurance premiums must surpass 7.5% of your adjusted gross income. This restriction applies to salaried employees only – if you are self-employed you can claim 100% of your health insurance premiums as a tax write off.
3. Medical travel. Most people don’t know that medical travel expenses are tax deductible. This deduction can really add up if you need to travel long distances for medical treatment. You may also be able to request a tax deduction on lodging expenses associated with medical travel.
4. Volunteer travel. If you volunteer regularly, you cannot claim your donation of time as a tax write off. You can, however, request 14 cents per mile that you travel to and from your volunteer position as a tax write off. Or, if you are able to keep track of your exact travel expenses, you can also submit these receipts for exact reimbursement.
5. Student loan interest. Paying off student loans is often a lengthy and difficult process, but it can be significantly less painful if you’re getting tax deductions for your student loan interest. You can request up to $2,500/year as a tax deduction for your loan interest.
6. Contributions to your retirement fund. It often seems difficult to stash some money away for retirement, especially if you’re in a low-to-moderate income bracket. But knowing that you can get tax deductions for contributions to your retirement fund could make it a more obvious choice, and a great way to save for the future. Low-to-moderate wage earners can get up to a 50% tax write off on the first $2,000 they put into their retirement fund, so you can save up to $1,000 on your taxes (which is no small sum!). You should be aware that your tax deduction will decrease as your adjusted gross income increases, so take advantage of this way to save while you can. You can also get a tax write off on donations to your 401(k), Roth IRA, 403(b) and Simplified Employee Pension.
7. Moving expenses. It may be possible for individuals who are moving over 50 miles away to accept a new job to request a tax deduction on their moving expenses. This tax write off is tricky, however, because it only applies in cases when your new job is over 50 miles more than your previous commute. For example, if the new job is 60 miles away from your old home, but you were previously commuting 20 miles, you may not be eligible. Additionally, you will need to work at your new job for at least 39 weeks within the first year of moving in order to qualify for the tax deduction. Still, if you’re moving far away, chances are good that you will be able to save on taxes with this credit.
8. Home office expenses. If you use a home office as your primary place of conducting business, you can likely save on taxes by deducting many of the business-related expenses such as part of your electric bill or gas bill. In order to claim this credit, however, you must keep very careful records of home expenses and you must be able to justify why you deserve this deduction.
9. Green purchases. Tax deductions for purchasing energy-efficient products often vary, but for the most part, you should be able to get significant deductions for purchasing energy-efficient windows, hybrid cars, skylights, energy-efficient water heaters (or solar panels) and certain pigmented roofing materials.
10. Refinancing credits. If you’ve refinanced your home in recent years, you’re entitled to deduct the points that you paid to refinance. Although it may take several years to recoup the money that you paid for the refinancing, the overall savings can be substantial.
11. Alimony. The amount of money that you can deduct for alimony depends on how much you pay your ex per month and what tax bracket you’re in. No matter what your financial status is, it’s worthwhile to find out if part of your alimony will be tax deductible – chances are good that it is.
12. Worthless debts. If you’ve lent money to friends or family who has defaulted on the loan, you can claim up to $3,000 per year until you’ve claimed the full extent of the loss.

1. 2 free cupcake bites at Cinnabon.  Just the smell of that place can send me to heaven…I will definitely be standing on line for these!
2. Free brewed coffee at Starbucks when you bring your own travel mug.  Sounds like this will go really well with the free cupcake bites.
3. Once your stomach empties out a bit, refill it with a free sample of ice cream-pizza at MaggieMoo’s, from 3-7pm.
4. A free hydromassage (never had one, but it sure sounds fantastic!).
5. Get a free taco from Taco Del Mar.
6. B1G1 free meals at Boston Market.  This deal is good until  April 18th, so it might be worth going another day, since you’ll be full from all your other tax day freebies.
7. Get a free appetizer at Smoky Bones on tax day.
8. McCormick and Schmicks is offering a $10.40 dinner and drinks special on tax day, as well as providing $10.40 coupons for your next meal there.
9. Get tax-free hotel accommodations and dining from Kimpton hotels, which are good until April 30th.  You can also enjoy free late checkout and free “sweet tax relief” goody basket as part of the promotion.
10. Copy your tax returns for free at Office Depot.  Offer includes up to 25 single-sided pages.
11. Finally, I’ve heard that T.G.I.Friday’s is giving away a $5 gift card with every purchase of $15-$25, and a $10 gift card for purchases over $25.  I have yet to find the source for this information, but I’ve seen it advertised by several reputable sources, so it may be worth calling in advance (or just swinging by) if you’re interested.

Certain parts of this energy tax credit are only available until December 31, 2009, so if you’re considering investing in the following items, now is the time to do it:

Biomass Stoves

Non Solar Hot Water Heaters

HVAC Equipment

Roofing Products

Insulation

Doors

Windows

Other elements of the energy tax credit are available until December 2016, so if you’re considering a home renovation, there’s never been a better time to think green.  These include: fuel cells, small wind energy systems, solar panels and geothermal heat pumps.  On these items consumers can receive a 30% tax credit on all purchases, regardless of the price.

With an energy tax credit and additional savings on your monthly energy bills, going green means saving the earth and saving money- and there can be no better way to end this year.

Happy Remodeling,

Billy