Economy Incentive Rebates

Many of you are going to receive the Economy Incentive Check from the government over the next few weeks. Taxes are one of the items that none of us can avoid and still remain out of jail. However there are a host of items that are legitimate and deductible. Please remember that the money that you are going to receive has to be claimed as income on next year's tax forms. Therefore I would suggest to start thinking about some of these deductions now for next year. Are you taking advantage of some of the following:

Medical expenses that are applicable to you, your spouse, and your dependents, please deduct the ones that include medical care for the diagnosis, treatment, or prevention of a disease.

Have a prescription for a drug it is deductible.

Paid a fee to a doctor, dentist surgeon, hospital services, lab fees, acupuncture, drug, alcohol addiction treatments they too are deductible.

Did you have to go to a medical conference relating to a chronic illness that is applicable to you, your spouse or dependent, the admission and fees are deductible.

Prescription eyeglasses or contact lenses, laser eye surgery, hearing aids, crutches, wheelchairs, and guide dogs for the blind or deaf

Taxi, bus or car, tolls, whatever way you went to your appointment is tax deductible, keep a receipt

Have a second home? deduct the mortgage on it is you used it as a home more than 14 days or more than 10% of the number of days during the year that the home is rented at a fair rental.

Mortgage Insurance Premiums are included as part of your mortgage interest and is deductible.

Did you have a foreign student living with you, deduct some expenses of having a foreign student live with you

Charitable deductions include but are not limited to religious, educational, scientific, literary and the prevention of cruelty to children or animals.

Made a donation to a nonprofit cemetery or corporations, these may also be deductible expenses.

There are several treaties between the US and Canada, Mexico and Israel, if you make charitable contributions to either countries these charitable contributions may be deductible.

Un-reimbursed out of pocket expenses to assist underprivileged youths attend to attend athletic events, movies, or dinners, you can deduct these.

Did you donate taxidermy property to a qualified organization, its deductible

Required uniforms and work clothes not suitable for street wear

Employment agency fees or commissions in certain cases

Cleaning and laundering services while traveling for business

Tools for use at your job.

There are hundreds of legitimate deductions that are available for you under the tax guidelines. The ones stated above are just a few, go to www.irs.gov/taxtopics/tc500.html for a lot more.