End of year Tax Deductions

The end of the year brings with it plenty to do. The holidays of course, in which you want to be spending time with family and friends, but also, plenty of people have their minds on tax returns. After all, what’s going to pay off all that holiday debt? Let’s start by thinking about last minute end of year tax deductions.

Some end of year tax deductions to think about would be.

  • Mortgage Debt Forgiveness. Did you lose your home this past year? Check into the Mortgage forgiveness debt relief act if so.
  • Deduction for mortgage insurance premiums.
  • Deduction for state and local general sales taxes.
  • Tax credit for residential energy efficient improvements. Did you do any improvements this past year? Why not check into this…or are you planning any in the next few weeks. Think about the tax breaks if you go green.
  • Also, homeowner or not, Goodwill, Salvation Army, Etc are always looking for big ticket items that can save you money on your taxes. Besides helping out your refund, it’s a nice thing to give to the needy this time of year. You can always contact other charities about donating old cars and boats as well.

Remember, If you’re a homeowner, you can’t get too comfortable with these tax breaks, since they’re up for renewal each and every year. Congress has passed them consistently in the last few years, but things can always change. Unless they extend them again, these tax breaks expire on Dec. 31, 2015.