Craziest Tax Deductions

Read this on CNN Money and thought it was funny enough to share. No seriousness in this one...just all laughs. I think I've had some of you ask me about some even crazier tax deductions.

Enjoy!

http://money.cnn.com/galleries/2012/pf/taxes/1203/gallery.wacky-tax-deductions/index.html

Tax Tantrum Tuesdays: Deduct me please!

Tax time is 'round the corner. For young singles that usually doesn't mean much. Unless you're a homeowner or have a kid...you're looking at minimal deductions. Below I've listed the deductions/credits that I think we should pay special attention to because we may be able to squeeze a little somethin' out of them:
(in order of the form 1040 tax return)

1. HSA (Health Savings Account) Deduction
2. Moving expenses - a lot of people don't know this but when you move to a city that is 50 miles or further from your previous home for the purpose of beginning a job, you are able to deduct your moving expenses. This is most beneficial to recent college grads starting their first job. Moving expenses include everything down to the mileage you incur driving (or plane fare for flying) to your destination.
3. Student Loan Interest Deduction - for those of us who are swallowed in student loan payments, this one allows us some cushion. Maxing out at $2,500, this deduction could guarantee that you at least won't owe...it did for me at least.
4. Tuition and Fees Deduction - this deduction kept me getting ALL of my federal withholdings back while I was in college. In fact, for college students, this deduction is the #1 reason you should convince your parents NOT to claim you...except of course if they are providing over 50% of your living expenses.
5. Education Credits - not to be confused with Tuition and Fees Deduction, you can only take one OR the other. However, they are both just as gravy for you students.
6. Retirement Savings Contribution Credit - for those of us who aren't making the millions yet  but still contribute towards a retirement fund (IRA, 401k, etc) this can be beneficial. The not-so-fun part about it, is that you can't claim it as a single person unless you make under $27,500. And you can't claim this one as a student.
7. American Opportunity Credit - another big one for students filing independently. Seriously, as a student, there's NO reason you shouldn't get ALL of your money back.

As you can see...there's not much for us...but definitely keep these deductions in mind throughout the year. Thinking about taking that extra class part time while working...remember, the tuition can be tax deductible. Thinking about making a big move for a job but not excited about moving expenses...those can be tax deductible. This is why it's good to know taxes folks...you can think about how to pay less of them alllll year long!

Next week's tantrum: we're tackling Schedule A. I need everyone under the sound of my voice to understand itemized deductions.