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.
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