The Tax Lady April 5, 2010My BusinessOff

Throughout the year, you keep track of expenses, balance your checkbook (when you have a free moment) and are on a first-name basis with your accountant. And with tax time fast approaching, you realize there are new ways to save.

“The number one expense for women is taxes,” says Roni Deutch, tax attorney and author of The Tax Lady’s Guide to Beating the IRS. “We can’t be focused on everything else and assume the IRS is taking the right amount out.”

There are plenty of ways to ensure you save the most money, Deutch says, like double-checking the math and modifying your W4 form so that you get a bigger check every month. “Women need to get off the refund check addiction,” she adds.

Want more?

Check out Deutch’s blog for savings you may not know about, like how you can deduct dry cleaning a suit or sending a fax while on a business trip as long as you have the records to back it up.

A cash balance pension plan that offers business owners the opportunity to make hefty, tax-deferred contributions to their retirement savings and the American Recovery and Reinvestment Act  creates bigger first-year and bonus depreciation write-offs, according to Entrepreneur.com and CNN.

H&R Block lists often-overlooked tax deductions, like medical, moving and education expenses, and MSN Money gives you three common tax mistakes, like not keeping business and personal affairs separate.

Going green? Purchasing a renewable energy system for your home could make you eligible for a tax credit up to $1,500. Plus, Bankrate.com tells you how to claim your home office in your tax forms.

Bonus PINK Link: Retirement on your mind? Here’s how to get started, no matter your age.

By Caroline Cox

“If you are truly serious about preparing your child for the future, don’t
teach him to subtract – teach him to deduct” Fran Lebowitz

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