Do you want to save money on your taxes? Sure we all do. By finding important tax deductions and tax credits, you can significantly reduce the amount that you pay in federal and state income taxes. It’s a fact that everyone has to pay taxes. Paying a lot in income taxes just because you earned a little money is not a fact. Each year, millions of Americans who earned significant amounts of money manage to significantly lower the amount that they pay in income taxes by reducing their tax liability. How do they do this? Reducing the amount that you are required to pay in taxes starts by taking advantage of some of the great tax breaks available.
New tax credits and deductions are available for the 2009 tax year, thanks to the American Recovery and Reinvestment Act that was passed last year. With the ARRA, you are able to take advantage of some new tax advantages that were not available last year. These tax benefits include individuals, homeowners, low income earners, and many more. Here are just a few tax deductions and tax credits that are available for the 2009 tax year. If you are interested in any of the following tax breaks or write offs, check out the official IRS Website for details:
-Student loan interest deduction
- Federal housing tax credit
- Making work pay tax credit
- American Opportunity tax credit
- Charitable contribution deduction
- Mileage deduction
-Home office Deduction
- Earned income tax credit
- Making work pay credit
- Job seeking deduction
- Moving expense deduction
- Vehicle sales tax deduction
- Mortgage interest deduction
- Private mortgage insurance deduction
Author: Mike Smitt