Tax Tips

Tax Loopholes

Charitable Miles—If you volunteer for a nonprofit or religious organization and use your car to travel to and from the location of events sponsored by the organization, you qualify for charitable miles deductions.
If you rent your home for 15 days, the income associated with your rental is tax-free.
If your employer offers a Health Savings Account and you participate, the funds that you contribute to it are tax-deductible.
If you use a specially designated area of your home for business-only purposes, that percentage of space in your home becomes a deduction.
Education Expense-Lifetime Learning Loophole. You may receive a deduction of up to $2,600 for college tuition, books, and fees.
If you make contributions to a ROTH IRA, you may claim a deduction of up to $6,000 annually for your contribution.
Las Vegas Gambling winnings—If you gamble at a casino or even play the lottery, your winnings are offset by losses, which reduces the taxes that your payout on your winnings.
Never throw away furniture, appliances, clothes, or any item in good condition. Instead, donate it to a charitable organization such as Goodwill, Salvation Army, or Savers. The value of those items can be used as a tax deduction. That’s a win-win!

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