Taxes Are Certain -- Make Sure You Save Every Penny

There are many changes and opportunities to save on your 2009 taxes. Check with your accountant to make sure that the following tax credits apply in your situation:

Homebuyer Tax Credits

This credit is available to first-time homebuyers in 2008-2010 and has been changed and expanded several times. The latest version of the $8,000 tax credit applies to purchases made from December 1, 2009 through June 31, 2010 (must be in contract by April 30).

American Opportunity Credits for College Students

Existing tax credits for college students have been modified to include books, and income levels have been increased. Part of the credit is refundable, meaning that even if you have no tax liability, you will get a refund.

Residential Energy Improvement Credits

A maximum credit of $1500 is available for eligible energy-saving home improvements, such as high-efficiency heating, air-conditioning, energy-efficient windows and doors, insulation, and roofs. Alternative energy upgrades are also eligible for credits. Qualifying improvements include solar, geothermal, wind, and fuel cell systems.

New Vehicle Purchases

State and local sales taxes and fees are deductible on the purchase of new cars, trucks, motor homes, and motorcycles. Vehicles must be purchased (not leased) after February 16, 2009 and before January 1, 2010.

The earned income tax credits, alternative minimum tax exemptions, and standard deductions have been modified to allow more taxpayers to qualify. In addition, the "cash for clunkers" program is not taxable and more unemployment benefits are tax free. Check the IRS website to make sure you are taking advantage of all of the new opportunities to save money this April 15th.

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