Save Money on your Taxes

10 Money Saving Tax Breaks

1. Get back your phone tax- Don't comb through your bills the IRS is permitting this one time tax to include the following

• 1 exemption: $30 refund
• 2 exemptions: $40 refund
• 3 Exemptions: $50 refund
• 4 or more: $60 refund

2. Take a credit for being efficient- For those who are making their homes more energy efficient

3. Write off the nanny-If you you work full time and pay for daycare you are allowed to take a percentage as a write off.

4. Get money back for saving-By putting away savings in retirement funds

5. Self-Employed savers get a break-You may contribute up to 25% of your self-employment income.

6. Deduct work related expenses: Travel costs, phone use, subscriptions, association memberships.

7. State tax: Be sure and deduct this from your federal return.

8. Save on tuition-If you paid tuition this year you may qualify for a refund of up to $2,000

9. Real Estate tax deduction: If you bought property and reimbursed the seller for a portion you may deduct that amount on your return.

10. Save for college-some states offer a deduction if you put money away for the kids college Check out if your state does, visit http://www.savingforcollege.com/529_plan_details/

Is there ever enough Money?

Many people complain about never having enough money. The end of the money always seems to come before the end of the month. I recently read a book entitled "The 5 Lessons a Millionaire Taught me" by Richard Paul Evans. He refers to something called winning in the margins. What this refers to is finding extra income. How can one do this?
1. You can earn extra income by finding small side jobs or selling on ebay
2. You can do this by saving and investing..making money through compound interest
3. Carefully considering expenditures
4. Realizing that maybe you don't need everything and that less things and less debt lead to freedom and power. Which far surpasses the joy from buying something new that you still owe on.
5. Don't equate spending with happiness.
6. Protect your nest egg, do not for any reason cash it in!

I'm currently looking to run out of month before I run out of money. I'm currently focusing on #1 and looking to win in the margins by finding extra income. Then doing #2 and investing it inteligently and letting my money work for me. I'll let you know how it goes.