IRS Credits and Deductions you Might be Missing
Posted by Entrust California on Mon, Jun 01, 2009
This month's Tax Tips:
Here are some deductions that you might want to consider when preparing your tax return. Consult your tax professional to know exactly what you qualify for.
Job Hunting
With job losses at an all-time high, there is a lot of job searching going on. Did you know that the expenses for job searching are actually tax deductible? You can also deduct moving expenses if you have to move more then 50 miles for a job.
Insurance Premiums
Self-employed individuals who are not covered by an employee plan get to deduct 100% of their health insurance premiums.
Tax Preparation Expenses
The most commonly missed deduction is for the fees and costs of filing your taxes. This includes e-filing, software, and even professional tax preparation fees. Make sure to save any receipts you get now for next year's tax return.
IRA Contribution Deadlines
Reduce your current taxable income while helping build your nest egg for retirement. Make sure you fund your 2008 contributions to your Individual Retirement Plan before April 15th. If you don't have a retirement plan, you can open one before April 15th for 2008. You have until then to maximize this benefit which allows you to put more away today then ever before! Start compounding more dollars tax-deferred or tax-free!
Don't put your all your retirement dollars all in one basket. Diversify your retirement portfolio with alternative assets such as Real Estate, Gold, Private Placements, and much more!
For more information on how to take advantage of the power of self-directed retirement plans, visit our education page. Click here
Remember that while Entrust provides excellent educational resources, we do not endorse or sell any investment products. We always encourage you to consult your legal or tax advisor.
Entrust Administration, Inc. Business Development Team
bizdev@theentrustgroup.com