As we approach the tax deadline we are all looking for those last minute

Visit tax breaks that may have been overlooked.

You may have found yourself in a new situation that will allow for new tax breaks such as being unemployed or a new homeowner.

 

Unemployed

If you have recently lost your job in the previous year then there are some new deductions you can tax if you want to take the time to itemize. You can deduct any job search related expenses as long as you are searching for a new job in the same area as your previous position. The following expenses could be eligible for deduction:

  • Travel
  • Telephone Usage
  • Out of Town Lodging
  • Resume Preparation Assistance
  • Health Insurance Premiums (from the time you became unemployed

 

 

New Homeowner

If you have purchased a home in the previous you are now able to take a credit of up to $7,500.00. This credit is a little different as you are required to repay the credit over the next fifteen years. The good thing about this credit is that it is interest free. There is also a new credit under the stimulus package that will not require that you pay it back. So if you have purchased recently or you are thinking about, now would be an excellent time in order to receive this credit.

There are also those credits and deductions that are often overlooked such as the earned income credit, real estate taxes, and the child tax credit. An online tax preparation service such as TurboTax online can be a great to help you ensure you don’t miss anything.

Visit TurboTax Onlineto make sure you are getting all of the credits and deductions you are entitled to.

We’re all pinching pennies and looking for work during times like these, right? Those of us  who are working hard to support our families sure are; single moms and dads, my hat’s off to you. We all want to save some money and a tax break sounds like a pretty nice deal to me.

Here’s the thing:  there’s been a lot of talk recently about whether we need so much taxation. First, there are a lot of important things our taxes do for our country. Second, the taxing has been great these last two years! There have been lots of tax breaks and credits.