Go beyond usual deductions: This year look beyond good ol’ mortgage interest deduction to save some more. Consider medical and dental expenses, sales tax and personal property tax, education expense, damage cause by disaster or theft and miscellaneous expenses. Miscellaneous would include job search expenses, investment expenses like brokerage fees, safety deposit boxes and subscriptions to investment publications. Also included in miscellaneous is..Believe it or not… expenses of filing your taxes! This is still not over: add depreciation on your computer and cell phones used for business purposes.

Entertainment and meal expenses: no…this doesn’t include lunch with friend to swap Christmas part ideas. Establishing business purpose of a meeting is crucial for deducting expenses on entertaining.

A good way of finding out what more you can use for maximising your deduction is to get tax preparation software.

A word of caution here: keep ‘creative deductions’ like kid’s allowance, silicone implant etc. out of picture. It is rather difficult to outrun IRS, as they have three years to decide they want to verify your records and can drop in for a surprise audit.

Maximise your tax deductions in 2005 with these tips and see all cash flow back in into your business.

Also see:

http://money.cnn.com/2005/03/30/pf/saving/willis_tips http://www.bankrate.com/brm/search/story-taxes.asp

2. Find out what your closing costs are going to be. You may be going back and forth with different lenders to get lowest interest rate and then get dinged at closing table with massive closing costs. Ask each lender that makes you an offer to give you an estimate on what closing costs are going to be and compare lenders.

3. Make sure terms of financing are what you want. If you want to have a variable interest rate, then get one. If you are more comfortable with a 5 year fixed rate, then make sure that you don’t get talked into settling for something less. You can’t refinance as often as you want, so you want to make sure you do it right, because once your done, you are locked in.

Take advantage of internet and apply to many different mortgage companies that will provide you multiple offers. Do this to make sure you can compare offers from many different companies instead of taking a chance of getting what you don't want.

To see our list of highly recommended refinance mortgage lenders who can give you quotes from multiple lenders, visit this page: Recommended Refinance Mortgage Lenders.