Tax deductions are a great way to save money on regular purchases within certain categories. The standard deduction alone saved some 85 million American’s a little over 0.5 trillion dollars in 2009. But the real way to claim deductions is by filing a Schedule A along with your 1040 long form. Categories of deductions available on the Schedule A include Medical, Taxes, Charity, Education, Mortgage and Causalities.

Deductions for Medical Expenses: Medical expenses are deductible on your tax return once you clear a certain level of your income in expenses, 7.5%. For this reason it is a good ideal to … Read more at 2008 Taxes.

You Won the Lottery, Avoid Paying Taxes

The IRS has come out with a list of helpful tax tips about your lottery and gambling winnings. Although all gambling winnings are taxable, you can avoid paying taxes on your winnings if you can document gambling losses of the same amount.

Winnings from lotteries, raffles, races, and casinos including prize items are all taxable, that is the bad news. Sometimes the establishment with which you won the wager will automatically deduct taxes and provide you with a W-2G to file with your taxes. Report all your winnings for the year on line … Read more at 2008 Taxes.

The IRS has released ten tips to help you deduct charitable gifts this tax season. When completing your Schedule A for your federal tax refund, don’t forget to take your charitable contributions as they can add up to a good sized tax deduction. Here are the rules to make sure you get the deduction:

1. Contributions must be made to qualified organizations.

2. You cannot deduct time or services, only money and gifts can be deducted.

3. Any merchandise received in exchange for a gift must reduce the value of your gift for the … Read more at 2008 Taxes.