New Tax Breaks
You may have found yourself in a new situation that will allow for new tax breaks such as being unemployed or a new homeowner.
Watch Video on New Federal Tax Breaks
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:
If you have purchased a home in the previous year 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.
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