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How to save on taxes page 4 tax saving strategies, tax saving tips

This is page 4 of a series on tax deductions (2008)

 

Travel expense for military reservists:

Members of the military reserve or National Guard may get a deduction for travel expenses incurred

in performance of their duty.

You have to travel more than 100 miles and be away from home overnight.

Those who qualify can deduct the cost of lodging and half the cost of your meals, plus 48.5 (2007 rate)

The standard for business mileage rate deduction for 2008  is 50.5 cents a mile.

This might apply to the military. The GSA determines this.

Any parking or toll fees when driving your own car are deductible.

You get this deduction even if you itemize.

 

Jury duty pay that was paid directly to your employer.

If your employer paid your full salary while you are doing jury duty,

they may ask that you turn over their jury fees to the corporate treasury.

The IRS requires you to report those fees as taxable income.

You have a right to deduct the amount, so you aren't taxed on the amount that went to the company.

The good thing is that new forms include a line specifically for this deduction.

Go to for many more tax saving tips pages.
 

 
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