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?