Investment Losses

• If you lose money on a stock, mutual fund or similar investment, you can use that loss to offset part of your income and lower your tax liability. As of 2011, you can write off up to $3,000 in capital losses, or $1,500 if you are married and filing separately. If your investment losses exceed that $3,000 or $1,500 threshold, you can carry the excess loss over and use it to reduce your taxable income the following year.
  
  

Health Savings Accounts

• Paying for health-care expenses can be costly, even for those with health insurance. A health savings account can make paying those costs a lot easier, especially since you can write off the amount you contribute to the HSA when you complete your tax return. To qualify for an HSA, you must already have a high-deductible health plan in place. Check with your employer or health insurance broker to see if your current heath insurance qualifies as an HDHP.
  
  

Home Expenses

• Many housing-related expenses are deductible for tax purposes, so if you own your own home you may also own an excellent tax shelter. If you have a mortgage, you can write off the interest you pay on that mortgage, as long as you itemize your deduction. If you pay property taxes on your home, you can write off the amount of those taxes as well. Just be sure to keep copies of all your tax receipts with your other tax records.
  
  

Retirement Plans

• If you qualify for a traditional IRA, you can take a direct tax deduction for the amount you put in. As of 2011, you can contribute up to $5,000 to your traditional deductible IRA. If you are 50 years or older you can put in an extra $1,000, for a total of $6,000. You have until the tax filing deadline to put that money into the IRA and get the tax deduction you deserve.
  
  Contributing to a 401k provides a tax deduction as well, although not one you record on your tax return. Every dollar you contribute to a 401k is deducted from your taxable income, which reduces your tax liability.