Rounding up Tax Deductions and Tax Credits

I have put together a short list of the tax deductions that I will be taking this year.

I am no longer able to deduct mortgage interest because I have paid off my home, but I do double up on the property tax. I pay two years worth of property tax in one year. This allows me to claim a larger deduction in the double year and then just the standard deduction the next.

My list of Deductions include such items as:
Double property tax
Monetary donation to alma mater
Clothing and household donations
PC and monitor donation
Gift of 30 T-shirts to co-workers
Monetary Gift to charity

What’s better than a Tax Deduction?
A tax credit, of course. This year, I plan on taking tax credits for a couple of energy-efficient home improvements. I had to replace a gas furnace, that will net a $150 tax credit. I also replaced some exterior windows. Unfortunately, that credit is only 10% of the cost not to exceed a maximum of $200.

Click HERE for more information about Federal tax credits for energy efficiency.