2012 TAX SAVERS

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Home Energy Credits

For a few years we had two different kinds of credits – one for conserving energy, and another for generating energy.  Only the second one still applies.

Generating Energy

Big help if you install solar heating or power generating equipment.  30% of your total costs turns into a tax reduction.  No limit on costs.  The credit can be claimed for any home you personally occupy, even for a vacation property.  Rentals don’t quality.  This one won’t expire until after 2016.

Other Helpers : Reminders for your job, rental or business

Mileage Deductions  : 55.5¢ for each business mile.  Don’t miss any.  Keep a pad in your glove compartment or console.  Get into the habit of noting the mileage and date, and purpose for travel.  It will keep your records easier to manage, and you’ll find you actually clocked more miles for business than you estimated in the past.

Businesses : There will not be a depreciation bonus deduction in 2013,.

EXPIRED PROVISIONS

Here are some expired items 2013 says “Goodbye” to.

Teacher expenses on up to $250 of classroom materials,
Mortgage Insurance costs are no longer deductible
Charity from your IRA.  Folks over 70-1/2 who had their trustee make direct gifts to a charity