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Tax Write Off Ideas for Saving Money To Get Out of Debt, Save For A Down Payment
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 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.
Written by Dale Stouffer, Mortgage Broker. Dale is a mortgage broker, not a tax adviser. This article is collection of his thoughts and understanding of the tax deductions that are relevant to his industry. For real advice and answers about tax deductions for home ownership, please contact your tax preparer.
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