Tax deductions are like free money

One of the easiest way to save tax dollars is to maximize your deductions. The more deductions you accumulate the lower your tax liability will be. Some of the common deductions include property taxes, tax portion of your car registration fees, mortgage interest deduction and private mortgage insurance. The not so obvious deductions would include charitable donations, donations of “stuff” to a non-profit organization and volunteer mileage and out of pocket expenses when you volunteer your time to a non-profit organization

When gather your documents for your taxes this year don’t overlook your out of pocket work related expenses. These expenses would include union dues, professional dues, unreimbursed business expenses such as meals, travel and mileage.

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