Do you want to get the most money on your tax returns this year? The answer to this question is obvious and does not require much thought. Take a look over this 2009 list of tax deductions for individual taxpayers and see if you can minimize your tax liability by writing off some of these deductions.


The making work pay tax credit was issued to just about every person who was employed last year by reducing the amount of taxes that was taken out of your paycheck. The credit, equivalent to $400 for individuals and $800 for couples may have been noticed on your paycheck.

- The educator’s expense allows you to write off a portion of any education expenses that you incurred for yourself, spouse, or children.

- Write off mortgage interest, points paid on purchase of a new home, and interest paid

- Take advantage of energy star tax credits that were offered if you purchased energy efficient appliances

- Receive a credit of up to $8,000 if you were a first time homebuyer last year

- Write off medical expenses if they exceed 7.5% of your income

- Write off state sales tax if you purchased a new vehicle last year

- deduct any charitable contributions given out during the year

- Write off student loan interest up to $2,500

- Write off job related moving expenses

- Deduct job seeking expenses such as interviewing attire

There are hundreds of tax write offs and deductions that you may be eligible for. Your best option would be to consult with a tax adviser who can answer all of your questions and could end up ultimately saving you hundreds or thousands of dollars on your taxes.

What do you plan to do with your tax return this year? Healthy Financial Habits wants to know. We have created a poll located at the bottom right of this page. Here you are able to vote to let us know how you are going to spend your money and also view the poll results.

Author: Greg Jackson