Tip #15

Plan Ahead

Holidays, birthdays and anniversaries are an expensive part of life. Set aside money ahead of time to avoid over spending.

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Your Taxes - How To Save Money

It's amazing how many items can be tax deductible, yet we're not aware of them. You could be paying way too much tax, simply because you didn't realize you could list certain things.

So here are just a few of the items you should list on your tax return-

You can get tax deductions for:

  • The interest on any student loan you might currently have
  • Your health insurance premiums if you're self-employed
  • Any alimony you might pay, but this does not include child support
  • Transport to any medical appointments such as hospital visits
  • Medical aids and other similar items such as glasses or lenses and hearing aids
  • Treatment to help you stop smoking and some rehab fees, such as treatment for alcohol addiction and other addictions
  • Some items of personal property such as your car or boat
  • The cost of gas for any trips you make on behalf or for a charity
  • Contributions made to any charity
  • Cost of any 'special' schooling you are paying for, for example, for a mentally or physically handicapped dependent
  • Any losses you've sustained due to a theft

You may also be eligible for the '2008 Economic Stimulus Plan' which is also known as the Stimulus Payment or Rebate. It is a rebate credit that should have been sent to eligible individuals in May of this year however if you think you may be eligible but haven't heard about this before, contact your local tax preparation service or search on the internet for online providers of advice.

The amount of the rebate you are entitled to is based on your 2007 tax return. The minimum payment is $300 and the maximum is $600 or $1200 for those who filed joint tax returns. There are additional payments of $300 for any children listed on your tax return - who have a Social Security number - and who qualify for Child Tax Credit.

The only tax payers who won't receive a Stimulus Payment are those who have an income below $3000.

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