Tax Tips: Legal Tax Loopholes

There are lots of tax loopholes that are perfectly legal.

FOX’s Gerri Willis tells you some as we continue our series on “Tax Tips”:

Cut your taxes legally, Iím Gerri Willis with your FOX News Radio Tax Tip.

Too many people fail to take the deductions they are due. Among them: Student loan interests paid by mom and dad, out of pocket charitable giving, even the casserole ingredients you buy for a non-profit soup kitchen qualifies. You can even deduct for job hunting costs like food and lodging expenses if you have to travel overnight during your search.

Military†reservist†can deduct their travel expenses and the self-employed can deduct their Medicare premiums. In short, there are lots of small deductions that can add up to a big impact on your bottom line:

(Coppa) “What I always advise clients is that, you know, if you can substantiate†and you have documentation for the deductions that you take or the credits that you’re eligible for, then you take them. And you don’t concern yourself with what is normal or what is the average deduction.”

Rich Coppa is Managing Director of Wealth Health.

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Iím Gerri Willis with the FOX Business Network.

Follow Gerri Willis on Twitter:†@GerriWillisFBN