List of Tips on How to Save on Taxes – Now

Yahoo! Finance just published an interesting list of 71 Ways to Save on Taxes Now.  There were some obvious ones, but some less obvious ones as well.

Many of us know a lot of these, and these are US-specific (apologies to those outside the US) but here are a few that I found interesting:

• Job Hunting Expenses: Worth noting, with so many people out of work. Overnight travel-related expenses for position similar to what you were previously in
• Moving to New Job: If you move to a new job fifty miles further than your prior one, you can deduct personal moving-related expenses
• Alternative Energy: a tax credit exists for those employing alternative energy sources. Equals 30% of what homeowner spends on qualifying property. Think solar electric systems, wind turbines, etc.
• Out of Pocket Expenses for Charitable Contributions: if you bake something for charity, drive to a charitable event, or make some other qualifying charitable donation - you might be able to deduct expenes.
• Pay Attention to New Coverdell Rules: an education-savings vehicle, these accounts will see their contribution limits cut from $2,000 in 2010 to $500 beginning next year. This is one change I can say I wasn’t aware of.
• Roll over an inherited 401(k): old rules required these inherited accounts to be cashed out with taxes paid within 5 years. Now, you can roll into an IRA and further stretch payouts and tax implications. Restrictions apply.
• Pay attention to start-up costs: you can deduct up to $5,000 of start-up business costs in the year you incur them

Anything jump at you in their list, as something you will apply to your own situation in 2010?

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