Last minute tax deductions - Job searches & charity

10:38 AM, Dec 28, 2012   |    comments
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It's a hassle to worry about your taxes twice a year, but it can save you money in the spring.

ATLANTA -- A key to saving money on your 2012 Income Tax is taking advantage of all the available tax deductions.

You have until December 31 to do just that.

As you go through your tax records, there are key deductions you should be thinking about over the next four days.

RELATED | Last minute tax deduction resource page

If you are one of more than 220,000 people in Metro Atlanta on unemployment but looking for work in the same occupation you are in now, keep those receipts.

You can deduct your expenses looking for that job.

That can include preparing resumes, driving to and from interviews and phone charges.

And if you have a mortgage or pay real estate taxes, make your first payment for next year before Monday and take a deduction for the amount of interest you have paid.

Atlanta homeowner Jerry Williams did just that.

"You have got to make it anyway, so why not instead of making it on January 1 or 2, why not make it on December 30 or 31, and then you get the extra interest for the year," Williams said.

And as you think year-end, think charitable donations.

You can give away just about anything to reputable non-profits like Goodwill or the Salvation Army, but there is a catch -- keep those receipts.

Regina Story keeps a meticulous record all year long.

"I keep all my receipts and then I have a spreadsheet file that I have with a column for each type of expense item. They include health, client development, and work travel. I work from home so a percentage of all my utility bills and that sort of thing gets deducted," she said.

And if you are thinking about giving gifts, you can give away up to $13,000 tax free before the Monday deadline.

(See Help Desk Resource Page)

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