Helpful Tax Tips and Tax Deductions

KEEP YOUR FAIR SHARE ON TAXES THIS YEAR! Tax season is approaching. Each year, additional tax deductions and credits are available to people who know where to look. Here are a few tips:

1. A first-time home buyer's tax credit is available until July 1, 2009. The credit is up to $3,750.00 for qualifying individuals and $7,500.00 for eligible joint-filing couples.

2. Deductions for hospital bills and doctors visits are well-known, but tax relief is also available for medical expenses ranging from insurance premiums to precription eyeglasses and contacts.

3. Capital losses on stocks deemed worthless-generally, those that are not longer traded-are deductible.

4. Un-reimbursed losses incurred due to theft, fire and another form of casualty can be claimed if the sum is more than $100 and more than 10 percent of your adjusted gross income.

5. Educators can receive a $250 above-the-line deductions for classroom expenses.

These are only a few tips about saving on taxes. Please consult your tax accountant or the IRS for more helpful tips on saving on your taxes this year.