How To Maximize Your Tax Deductions

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It is the 2009 tax season, and you should already be seeing for those federal earnings tax deductions that can legally lower your tax bill.

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Here are a number of the typical deductions that you want to make sure your tax preparer knows about so you get the full federal earnings tax deduction allowed.

2009 Mileage Deductions

Business Mileage 55-cents per mile

Charitable Work Mileage 14-cents per mile

Medical & thoughprovoking Mileage 24-cents per mile

Tax Benefits For Education

There are a number of tax due ready to help you offset the costs of higher education by reducing the number of your earnings tax. They are the Hope credit and the Lifetime learning Credit, also referred to as education credits.

To learn about these tax credits, who can claim them, what expenses qualify, and more, visit the Irs website and in the crusade bar type in either 'child education expenses' or 'Publication 970.'

For dependents in daycare through middle school, deductible expenses do not contain tuition. However, after-school care expenses and a few other types of expenses are deductible. Ask your tax preparer for advice and be ready to provide the name, address and federal tax Id number or collective protection number of the care provider.

For each dependent, whoever prepares your earnings taxes will need the child's full name, date of birth and collective protection number.

Schedule A Itemized Deductions

If your itemized deductions exceed your approved deduction, then you are allowed to take the greater of the two. Here are the approved deductions for 2009.

,700 - singular or Married filing Separately

,400 - Married filing jointly or grand widow(er)

,350 - Head of Household

Here is a partial list of schedule A deductions - for details visit the Irs website and in the crusade bar type in 'schedule A' and look at the education form:

1. Mileage (not claimed as enterprise mileage on someone else form)

2. Curative expenses

3. Charitable Contributions (there are new description retention rules that apply for cash donations)

4. Mortgage assurance premiums for contracts issued after December 31, 2006

5. Mortgage Interest & Points

6. Real Estate property Taxes (on residences not used for enterprise or rental)

7. Sales tax you paid on sell purchases

8. Investment interest on money borrowed for a property held for investment

9. Job expenses you paid as an worker (if you are not filing Form 2106)

10. Tax preparing fees paid to a professional

Special schedule A Deductions for 2009 - sure Cash Contributions for Haiti Relief Can Be Deducted on Your 2009 Tax ReturnA new law allows you to pick to deduct sure charitable contributions of money on your 2009 tax return instead of your 2010 return. The contributions must have been made after January 11, 2010, and before March 1, 2010, for the relief of victims in areas affected by the January 12, 2010, earthquake in Haiti.

Contributions of money contain contributions made by cash, check, money order, credit card, payment card, debit card, or via cell phone.

The new law was enacted after the 2009 forms, instructions, and publications had already been printed. When preparing your 2009 tax return, you may unblemished the forms as if these contributions were made on December 31, 2009, instead of in 2010. To deduct your charitable contributions, you must itemize deductions on schedule A (Form 1040) or schedule A (Form 1040Nr).

The gift must be made to a grand society and meet all other requirements for charitable gift deductions. However, if you made the gift by phone or text message, a telephone bill showing the name of the donee organization, the date of the contribution, and the number of the gift will satisfy the description retention requirement. If, for example, you made a charitable gift by text message that was expensed to your telephone or wireless account, a bill from your telecommunications enterprise containing this facts satisfies the description retention requirement.

Schedule E Deductions for Rental Properties

If you own rental properties then the earnings and deductions go on schedule E.

Here is a partial list of schedule E deductions you can take on rental properties - for details visit the Irs website and in the crusade bar type in "schedule E."

1. Advertising

2. Auto & Travel

3. Cleaning & Maintenance

4. Commissions

5. Legal & Other professional Fees

6. Supervision Fees

7. Mortgage Interest

8. Other Interest

9. Repairs

10. Supplies

11. property Taxes

12. Utilities

While we must pay some taxes, it is smart to use a professional tax preparer and be sure you are getting the maximum allowable deductions to reduce your tax bill.

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