Tax Deductions – Last Minute Tax Saving Tips

Tax returns are due on April 15^th, many people have already filed their taxes but millions of others will be shuffling tax forms, digging out receipts, and searching for last minute tax deductions this weekend. 

A recent CBS article lists some ways you can still reduce your taxes due before tax day such as deducting any job search expenses or making an IRA contribution. One thing I wasn’t aware of is the recovery rebate credit, here’s what the article had to say:

“If you did NOT receive the maximum credit of $600 ($1,200 if married filing jointly) plus $300 for each qualifying child, then you MAY be eligible for an additional credit equal to the difference between what you received last year and the maximum credit allowed. So, if you had another child in 2008 or had a reduction in your 2008 income, then make sure to calculate your Recovery Rebate Credit — you could be eligible for more money back.“

Here’s a summary of some more tips for filing your taxes:

• How to file for a Tax Extension
• Alternative Minimum Tax
• Personal Tax Exemptions
• First Time Home Buyer Tax Credit
• Tax Preparation Services
• Federal Tax Brackets
• Common Tax Forms
• Free eFile
• TurboTax Review

If your taxes are done, congratulations! If you’re still working on them, good luck!

Ben Edwards, the founder of Money Smart Life, saved up enough to buy a Nintendo back when he was 12 years old. When he used the money to buy shares of Wal-Mart stock instead, he knew he wasn't like the other kids... His addiction to personal finance has paid off for his family and now he's helping you to afford the life that you want. Check him out on the web at Google Plus, Twitter and Facebook.

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