Feb 05 2009

A few tax credits and deductions to consider

I’m rounding up financial documents so that I can file my taxes, and I came across some info that might apply to you.

The retirement savings tax credit is a credit designed to reward low to moderate income earners for saving for retirement. If you have made contributions to various retirement accounts and meet certain income requirements, you’ll be able to take a credit for a percentage of your contributions.

You qualify for this credit if:

  • $26,500 or less for single, married filing separately, and qualifying widow(er).
  • $39,750 for head of household.
  • $53,000 for married filing jointly.

To learn more, read this article on About.com and access the form from the IRS here.

For people who pay property taxes but don’t itemize their deductions, you’ll be happy to know that you can now increase your standard deduction by the amount of real property tax you could have claimed if you itemized. (See No. 2 for this tip, or info on the TurboTax site).

Don’t miss 14 ways to slash your taxes here.



2 Responses to “A few tax credits and deductions to consider”

  1. Thanks for the great tax tips/links. It’s amzaing how much you can save if you just pay attention. I’m hoping to get my taxes done by the end of February. I’m usually good about it, but last year I cut it to the wire, and my blood pressure went up!

    FYI, also, if you make less than 56K, the IRS offers free on-line tax services, and free file. There’s a post about it on my site, ir you can just google free file IRS.

    Greener Pastures’s last blog post..Greener Pastures: Responsible Personal Finance

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

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