Six Tax Moves for $10,000

 

This year you have two extra days to file your taxes -- April 15 falls on a Sunday and the following day, Monday, April 16, is Emancipation Day, a legal holiday in the District of Columbia.

So that's two extra days to make sure you're getting every tax break you're entitled to, and to think creatively about how to position yourself for next year

OK, so that's the last thing you're doing. Then I'll do the work for you.

I've racked my brain, trying to find some key moves that will keep more money in your investment portfolio. These tax strategies are easy to implement, and each one is aimed at garnering $1,000 or more.

So here are my six Millionaire Zone tax moves that added together could keep $10,000 in your pocket.

1. Money Management, Job-Related Expenses

Too many people make the mistake of ignoring all the little expenses related to producing income.

This includes looking for a job, tools to be successful in your current job and even managing your money.

I keep telling them, "No, you don't have to be in business to deduct the costs of making a living." These and other miscellaneous expenses do need to add up to 2% of your adjusted gross income, but it's easier to get there than you'd think.

The miscellaneous-expense deduction is a catchall for an array of tax-deductible expenses, including unreimbursed business expenses. These include everything from subscriptions to industry magazines to memberships to professional organizations.

And if you or your spouse has been looking for a job, it includes travel costs (gas, airfare), resume photocopying and postage.

Also, if you or your partner works from home, the computer, furniture, Internet and phone expenses may all be deductible.

Don't forget: Expenses related to producing income or managing money may qualify. These include fees for your money manager or financial adviser, getting your taxes prepared, the safe deposit box -- even subscriptions and trade association memberships.

On a $60,000 household income alone, you can easily keep $1,000 in your pocket, assuming total annual expenses here of about $4,000.

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