6 Tax Tips For Tough Times

Although cash may be tight, borrowing against your home for energy conservation improvements that generate tax credits and deductions is a smart move for those who know that the time off work will be limited.

Also, there are many ways to contribute to the community when you time but no money -- deduct mileage, even though your cost of additional fuel is negligible. Ask others to pay for our of pocket costs while you contribute the car. Your car cost is already determined, but additional cost of using it is negligible while deductions are up to 50 plus cents per mile.

Barter -- and generate a resume while you are at it.

Sell your unneeded items or give them away to those less fortunate and claim a deduction. Even though your income is reduced, it will make a difference in your total tax bill.

Rent out a room occasionally, not all the time, to visiting business people who frequent your area on a regular basis.

Double up -- cancel those month to month obligations and share movie nights with friends.

Drop your land line in favor of cell phone service.

Learn to cook -- the same foods you buy at fast food restaurants. Yes! There is a cook book that tells you how.

M AE of VA 8:56PM March 16, 2009