Green additions to your home, such as energy-efficient appliances and renewable energy systems, will also earn you tax credits,which are even more valuable than deductions because they reduce the actual tax amount due.

Get the Most Out of College. College tuition can be costly, but it does offer some tax relief. For each year you pay tuition to an accreditedinstitution, you are eligible for up to $4,000 in deductions. You can also deduct up to $2,500 of interest on a student loan, as long as the loan is used on educational expenses, such as housing and supplies.

Relief for Out-of-Pocket Expenses. Miscellaneous personal costs, such as investment expenses, safe-deposit box fees, and certain legal fees, can be deducted if the total expenses are more than two percent of your adjusted gross income.Work-related expenses that were not reimbursed by your employer can be similarly deducted.

Click to read more useful tax tips in my February Newsletter