ur returns. 3. Depreciation on Your Business Car or Truck Depreciation on new passenger vehicles purchased to use in a business are significantly higher this year than last, building on top of the usual first-year deduction that is allowed. Gas and maintenance on this vehicle (and others already purchased for your business) are also deductible for any transportation you do for the business. For example, if you own a furniture store and have a truck you use exclusively for delivering furniture, 100% of gas and maintenance will be deductible, including any money you pay for parking and toll roads. 4. Out of Town Business Travel Costs Almost any travel you do for business is deductible on your taxes for at least some percentage. This includes business meals, travel costs (think baggage fees!), and hotel rooms for the duration of your trip. The key here is to keep the receipts from your travels for use while preparing your taxes. 5. Home Office Deduction Working out of a home office can provide you with many deductions on your taxes that you may not be aware of. Almost all business owners can take deductions for qualifying newly acquired equipment and computer software and fees charged to the business account including ATM fees, credit card fees, and bank charges. However, business owners with a home office can also deduct for the business space used in the home and for the percentage of internet and phone used in running the business. 6. Professional Fees and Classes Deductions Many other costs associated with running a business are also deductible. Any professional fees that you pay to continue in your career are deductible on your tax return, as well as much of the costs of attending classes, seminars, and training sessions. Subscriptions to professional journals, newspapers, and books are also included as tax deductions. Finally, any membership fees you pay to trade organizations, professional groups, or chambers of commerce count as well. 7. Charitable Non-Cash Contributions Giving to charity is good for everyone because it helps the less fortunate and is a deduction on your tax return. If you don't have the money to make a donation this year, you can always charge the donation. Tax deductions are usually taken when the purchase is made, not when the charge is paid off so it will still apply for this year. You can also take a deduction on almost anything donated to charity such as old clothes, used books, and old furniture. The only qualification for the deduction on donation of items is that for items like clothes and household goods, the items need to be in good or better shape. In the case of an audit, you must have the written receipt to get the deduction so be sure you get a receipt for all your donations before you leave. 8. Energy Savings Home Improvement Credit If over the last year you built a new home, remodeled your current home, or replaced anything within your home, check out the IRS's list of home improvement credits that are available to you. One main credit offered is for putting in new energy saving appliances, windows, doors, roofs, or basically anything that is identified as energy saving. The energy saving home improvement credit is particularly helpful because it allows for a dollar-for-dollar reduction in tax, although it does have a maximum limit of $1500. Still, if you spend less than that on the improvements, the credit cuts down the amount you'll owe in April by more than the usual tax credit or deduction can. 9. Investment and Tax Expenses One of the most easily forgotten tax deductions is for