Ackley Associates
 
 
 
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Charitable Donations

 
 
 
As a donor, you may not deduct labor or time, but you may deduct expenses such as mileage and uniforms. You can even deduct the cost of taking underprivileged youth to sports events or movies.

Medical Expenses

It's difficult to reach the percentage of adjusted gross income you need to spend on medical expenses to be eligible. If you qualify, you shouldn't overlook all possible expenses. Sometimes, it's even best for married couples to consider filing separately if one partner has high medical bills.
 

Moving Expenses

If you moved more than 50 miles for work and stayed employed, you might be able to deduct reasonable moving expenses. No itemization is necessary.

Mortgage Interest Points

Points paid on a home mortgage are usually deductible as interest. If the mortgage is for the purchase or improvement of your principal residence, you can either deduct the full amount of the points in the year of payment or, if you're not itemizing your deductions that year, pay back the points over the loan term.

Retirement Plan

One of the most powerful tax shelters available is a qualified retirement plan. Within certain limits, contributions to fund the plan are immediately tax deductible, plan investment earnings are tax deferred, and plan participants do not have to pay income taxes on benefits until they receive their distributions.
Contact our tax preparation firm in Nashua, New Hampshire, for additional tips for filing your taxes.