• Planning helps save hundreds of tax dollars.Jeffrey Hamilton/Digital Vision/Getty Images
  
  When the taxman comes knocking on April 15, everyone wishes they had a way to lower their taxes. There are ways that don't involve creative writing, but many times, you have to know the deductions or credits exist and keep records. You might be able to snatch a few deductions for this year and start planning for your next year's tax deductions when you know what to do.
  
  

Retirement Savings

• If you have a 401(k) or SIMPLE at work or are eligible for a tax-deductible IRA, you can lower your taxes significantly. By increasing your deductions for your 401(k) or SIMPLE at work, the money comes out before you pay withholding tax. This means anyone in a 30 percent tax bracket (including any state tax) only loses 70 cents from each dollar going into his retirement savings. If you find a tax problem when you fill out your taxes, consider investing into an IRA before filing or April 15. Even if you already have a pension plan, if your income is below $55,000 for single filers and $89,000 for married filing jointly or qualified widows, for every dollar you invest in a traditional IRA, you lower your taxable income by the same amount. You're limited to $5,000 in 2010, plus $1,000 if you're 50 or older.
  
  

Plan Itemized Deductions

• Start saving those receipts from the extras you have to buy on the job. If you're already taking an itemized deduction, don't miss any that can drive your deductions higher. Job supplies for work, such as a new briefcase, laptop or even school supplies if you're a teacher can add up to a substantial amount at the end of the year. If you travel for your job but don't receive reimbursement, you can deduct the mileage for any trips after you get to your office or first appointment. The trip to work and home are not deductible. Don't forget to list any donation, whether it is mileage used to volunteer, items or cash.
  
  

Student Loan Deductions

• Unlike mortgage interest, the interest on student loans comes right off the taxable income, so you don't have to itemize and still can take the standard deduction. You can lower your income if you tax deduct the interest. If your parents are paying the loan and you aren't still their dependent, you can deduct the interest they pay on the loan. The IRS treats the payment as a gift of money to the debtor, who then makes the loan payment.
  
  

Track and Time Your Investments

• If you've got a dog of a stock but made a considerable amount on another, sell both in the same year. If you have a stock that lost money, don't sell it immediately. Wait until you have a large capital gain and then sell the stock and offset the gain with the loss. By timing the sale, your tax savings helps reduce the loss, too.
  
  

Give More/Get More

• Donate an item with high capital gain rather than cash. You'll end up giving more to charity or have a higher tax deduction and donate the same amount as you would if you gave cash. Giving highly appreciated items means you avoid the taxes on the appreciation while deducting their true worth and charitable organizations pay no taxes on the sale.