Hi

I am a medical fellow in California, and would like to know how can I reduce my taxes. can I itemize evrything that I spend in a year?

Please help me since with this salary it is very hard to liveon>

Thank you

Daniel

Zip Code: dre2677@yahoo.com

One way to cut your taxes is to deduct all of your unreimbursed professional expenses as a miscellaneous itemized deduction. On our home page (www.mdtaxes.com), we have links to some tools that will help you gather this information.

Other ways to cut taxes is to contribute to your employer sponsored 401(k) or 403(b) plan, but you will only save a $.35 or so for each dollar contributed.

It's also a good move to own where you live. But there are a lot of variables to consider, such as how long you will be in the area, how much mortgage debt you can take on, and whether you have any money available for a down payment.

Trying to live in California on a Fellow's salary would be tough even if you had no taxes to pay. Hopefully you're almost done with your training, and will be getting a big increase in salary at that time.

Zip Code: cpa@mdtaxes.com