Tuesday, January 26, 2010

In these tough times, it is very important to get the most out of everything you can. I am speaking in terms of your job, the interest rate for your savings, budget, and even your tax returns. My sister and I were having a conversation, and she was telling me about all of the various tax breaks that I could be eligible for? If you donate clothes, give money to charity, buy supplies for your students, relocate, have medical expenses, you could increase the amount of money you get back. This is very important because the government takes so much money out of our paychecks, and tax us everything they can get their hands on. So when doing your tax returns this year, make sure to do your research, don’t be lazy, so you could get the most out of your money. This article might not explain everything, but it is a starting point for your research. Here are new tax breaks for 2009.

By Mary Beth Franklin, Senior Editor, Kiplinger’s Personal Finance

You’ll find lots of new deductions, credits and expanded eligibility rules when you prepare your 2009 tax return.

There’s no denying that 2009 was a challenging year for millions of Americans. But filling out your 2009 tax return could bring some welcome relief in the form of a big refund. There are a slew of new and expanded tax breaks for home buyers and car buyers, college students and their parents, homeowners who installed energy-efficient improvements, and the unemployed. Together, these tax savings are expected to boost average tax refunds above last year’s level of about $2,800, says IRS spokeswoman Nancy Mathis. The sooner you file, the sooner you’ll get your money back. [click to continue…]