PocketCoinage

April 15th, 2010 is right around the corner.  I’m in the process of gathering everything I need to bring to my tax advisor at the end of the month.  This is the first year that I will be claiming my home and I’m looking forward to see what my return will be like.  I already made an amendment to my 2008 taxes and claimed the First-Time Homebuyer Credit.

As of right now, I am looking to write off the following:

House Related:

• Mortgage Insurance Premium
• Mortgage Interest
• Mortgage Points
• Real Estate Taxes
• Closing Costs

The 1098 form sent to you by your mortgage broker will have the insurance premium, interest, points, and real estate taxes.  According to Bank of America, “… you can typically deduct the real estate agent’s commission, attorney’s fees, surveys, title searches, and transfer taxes.”  I am hoping that this is the case.

Work Related:

• Home Phone
• Internet

Since I am an essential employee of the hospital, I am on-call every other week and need to be accessible.  The organization does not provide me with a phone or Internet.

Don’t forget, you can also write off:

• Auto Loan Interest (new vehicles only)
• Donations
• Education
• Medical Bills
• Student Loan Interest
• Union/Professional Dues

That’s just a handful of the items available for deduction.  Check with your tax advisor to see what you are able to qualify for.  Some items have a cap on what you are able to earn.  Once you reach that cap, you become ineligible to deduct that item.  I personally reached this cap with deducting student loan interest.

What are you looking to deduct this year?  Have I missed anything?