Tax Tips

Click Here for a list of what to bring to your tax return interview

The Benefits of Homeownership

Your house is a giant tax deduction. Remember to deduct your property taxes, your mortgage interest, points you paid when purchasing the house, and home improvements required for medical care.

First-Time Homebuyers Tax Credit

The First-Time Homebuyers Tax Credit applies to primary home purchases up until April 30, 2010. With a credit up to $8000.

Tuition and Fees Deduction

Remember to utilize all possible deductions, including those for tuition and fees. The tuition and fees deduction covers up to $4,000 that you pay for yourself, your spouse or a dependent.

Retirement Savings

Contributions to retirement plans reduce your taxable income. A contribution to your IRA can be $5000, or if over 50 years old $6000. And you have up to April 15, 2010 to make the contribution for 2009.

Medical expenses

You can take a deduction for medical expenses exceeding 7.5% of your adjusted gross income (AGI).

Go Green

An example of going green would be installing solar panels. The government will give you a 30% credit. You can also get a 30% tax credit (up to $1500) for smaller projects like energy efficient windows and doors.