Job Hunting Expenses

• Major life changes such as the loss of a job or relocating to a new state can mean a deduction on your income taxes. Most out of pocket expenses you incur while searching for new employment can be deducted on your taxes, for example. These expenses must be directly related to your search, such as fees paid to an employment agency, the cost to print your resumes or cab fare to and from job interviews. This deduction is not available when searching for your first job. However, anyone can claim moving expenses once a job is secured in another city or state as long as the new employer is more than 50 miles away. You must also be a full-time employee in the new city to claim this deduction.
  
  

Refinancing points

• Refinancing on your home can save you money in the long run, but the immediate process takes money. When you refinance your home, fees paid to the mortgage broker are called points. Each point equals 1 percent of your loan amount. For some borrowers, this can mean thousands of dollars in points to refinance. The IRS allows a tax break over the full life of your mortgage loan. This means that on a 30 year mortgage, you can deduct 1/30th of the points you paid during your refinance each year of your mortgage.
  
  

Charitable Contributions

• While giving to charity is its own reward, the IRS offers an added bonus in the form of a dollar for dollar tax deduction. For example, if you tithe to a place of worship, you can deduct the full amount of your donation on your tax return. Request an envelope when making your donation so that you can complete your name, address and phone number. At the end of the year, organizations you contributed to should issue you a statement including all of your donations.
  
  

Mortgage Interest

• Many homeowners pay thousands of dollars a year in mortgage interest. At the end of the year, your mortgage lender sends Form 1098, Mortgage Interest Statement to you in the mail. The statement tells you how much you paid in mortgage interest for the year. You can deduct the full cost of your mortgage interest as well as taxes paid on your home as long as the home is your primary residence, and you are legally liable for the debt.