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Wednesday, March 31, 2010

Maximizing your tax return

The Stimulus bill provided almost 300 Billion in tax breaks and incentives. Make sure you are taking using all of the tax incentives that you are eligible for. I provided a list below and also a link to a tax calculator that determines whether or not you are eligible for these deductions.

Here is a list of items you may be eligible for:
1. New Vehicle Purchases - In addition to 'cash for clunkers', you can deduct state & local sales taxes paid on new vehicle purchases
2. Family Credits - some families with children may be eligible for an increase under the Earned Income Tax Credit and the additional Child Tax Credit.
3. Unemployement benefits - if you received unemployement in 2009, the first $2400 is tax free.
4. Home energy improvements - there is up to $1500 tax credit for making your home more energy efficient
5. First time home buyers - Tax credit of up to $8000 for first time home buyers who purchase before April 30, 2010
6. College expenses - there is a potential tax credit of up to $2500
7. 'making work pay' - tax credit of $400 for individuals or $800 for couples

Again, you don't need to try and figure this out, the white house website has a tax calculator to help you determine what your are eligible for:

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