Wish to save some money on your tax? Then check if you fall under the categories mentioned below:
Are you a first time home buyer?
Taxpayers who have not bought a residential property for past three years from the date of December 1st 2009 are eligible to receive up to $8000 as an original or amended return for tax. The credit can be claimed for either 2008 or 2009.
Have you bought a new car, light truck or motor vehicle?
If you are an qualifying taxpayer who has purchased a new vehicle, you might be able to deduct local and state tax. This is not an option for high tax paying individuals.
Have you heard about making work pay and withholding?
If you belong to the category of self employed, multiple job holder, family where both spouses work or a dependent for another tax payer, you might have to review your tax returns options and see if there is more reward to fill your pockets
Are you a parent of a college student?
It is possible to receive some tax deduction as a part of America’s opportunity credit that has now been modified to be the benefactor for a wider range of tax paying individuals. You might be able to gain $2500 per year per student.
Are you in a course that needs purchase of a computer technology related device?
The plan 529 makes it possible to add the computer technology related purchase to the college expenses.
Are you making energy-efficient improvements to your home?
If you have made or planning to make improvements like addition of energy efficient windows, air conditioning system, air heating system or insulation system then you might be eligible for a tax deduction as credit for this section has been increased.
