* Charitable contributions
* Owning a clean-fuel vehicle
* Disaster relief contributions
* Prescription medicinces
* Stop-smoking programs
* Travel and transportation expenses
* Alimony

The rule of thumb on whether to itemize is simple: can you deduct more in mortgage interest, charitable contributions, state taxes, than the standard deduction? — $10,000 for married couples filing jointly and $5,000 for a single filer. Itemizing does take a little preplanning and organization in saving receipts and other paperwork documenting your expenditures.

If you are scrambling to retrieve those important papers that may be scattered hither and yon, consider investing in a spreadsheet, such as Quicken or Microsoft Money. Even if you aren’t tackling your own taxes this year, you could slash your tax-preparation fee in half. Microsoft.com says Microsoft Money 2006 can eliminate the paper chase, allowing you to sort out important tax information from day-to-day expenses, make educated tax investments and minimize capital gains taxes. Microsoft.com also recommends doing a little research on the front end to find out what can be deductible. The website suggests checking out MSN Money to learn about contributing to funds like IRA’s, ESPs, and OTPs, which may be tax deductible.

Here are a few deductions that www.msnbc.msn.com recommends you remember:

* Charitable contributions. If your donations are $250 or less, you do not need to include receipts. Any amount over that, however needs to be documented. According to the website, generally you can’t contribute more than 50 percent of your adjusted gross income, but under the Katrina Emergency Tax Relief Act of 2005, you can waive that restrictions for donations between Aug. 28 and Dec. 31. In addition, the IRS says you can also use a higher standard mileage rate and exclude mileage reimbursements from income.
* Education expenses that can range from saving for your kid’s college to paying off your own student loans.
* Home-office expenses if you work at home.
* Medical expenses if they exceed more than 7.5 percent of your adjusted gross income
* Miscellaneous deductions. According to the IRS, these can include depreciation on computers or cell phones, job search expenses, hobby expenses, military uniforms, safe deposit box rent, gambling losses, trustee’s administrative fees for IRA.

With a little research and organization, you can end up saving a lot of money by itemizing deductions. So throw away that shoebox you’ve used to store receipts. Its never too early to get organized.

The decision to file for bankruptcy is a highly personal one, based on your particular financial situation. It should only be considered once you have dug deep to tighten your budget and sought credit counseling.

Filing for personal bankruptcy has long lasting repercussions. It can affect your credit — and your life — for as long as 10 years.

It can hurt your ability get a job, buy or rent a car or home and even to purchase insurance. Employers, landlords and insurance companies are increasingly relying on credit reports to help them make decisions.

A bankruptcy filing can even make it next to impossible to hold onto your bank accounts and credit cards.

Keep in mind, if you have a steady job and just aren’t juggling your debts adequately or are living beyond your means, a judge may not even grant you a bankruptcy filing.

If you have a steady income and still can’t make ends meet despite your best efforts to do so, you may consider filing for Chapter 13, which will allow you to keep some of your belongings, such as a house or car with a 3-5 year repayment plan. This type of filing will remain on your credit report for 7 years.

If you don’t have a job or steady income you may consider filing for Chapter 7, which will allow you to erase most of your debts, but will affect your credit report for 10 years.

However, both forms of personal bankruptcy will not erase debts such as student loans, recent taxes owed, child support or alimony.

With all these warnings, sometimes filing a bankruptcy is inevitable to escape mounting debts.

If you are facing court orders that will grant your creditors the right to garnish your wages or even raid your bank accounts, then maybe filing bankruptcy is an option worth considering.

Just remember it is a last resort that can have long-lasting negative consequences on your life and lifestyle. Before it is embarked on, you should meet with an attorney or financial advisor to have them determine whether your particular financial crisis will be solved by bankruptcy filing.