Taxing times: how to save big bucks this April without triggering an audit

DEDUCT MOVING EXPENSES.

Subtract the cost of moving your stuff and yourself for a new job. The new gig must be at least 50 miles from your old home.

DEDUCT THAT STUDENT-LOAN INTEREST.

Most interest on consumer debt isn't deductible, but student loans are an exception. You can deduct part of your interest if you have an adjusted gross income of less than $65,000.

GAIN FROM OLD LOSSES.

If you got hosed in the market a few years ago, you can still write it off. Deduct stock losses to offset your gains, plus another $3,000. So, if your losses in 2002 exceeded gains by $5,000, you still have $2,000 in loss carry-forwards that will reduce your 2003 income.

COPYRIGHT 2004 Weider Publications
COPYRIGHT 2008 Gale, Cengage Learning