US Tax Breaks

It’s that time of year again, and if you haven’t filed yet, here are some tips for tax breaks:

Home-buyer tax credit

Expires 4-30 (must be under sales contract) This affords first time homebuyers a credit of $8000 or $6500 for move-up homebuyers for a new primary residence. This credit is immediate and doesn’t require owing taxes to receive the refund.

Car-buyer Break

If you bought a car in ‘09 you can claim a deduction for the state and local sales taxes for up to $49,500 of purchase price.

Golf cart or Low Speed neighborhood vehicle

Yes ….that’s right… you can get a credit of up to $15,000 if you purchased one of these in ’09 or ’10. It must be a “qualified plug-in electric drive vehicle. “

Energy Credits

This is a direct dollar-for-dollar credit for moving to solar power, or buying an energy-efficient furnace, water heater, air conditioner or stove, or replacing windows…you can claim a credit up to 30% of the cost or a maximum of $1500.

College Credits

Available to those who pay college bills for themselves or a dependent, subject to maximum income levels of $90K for filing single, and $180k if filing jointly.

Jobless exemption

Up to $2400 in unemployment benefits are tax free.

Property tax deduction – without itemizing

You can claim a credit for property taxes by filling out Schedule L without itemizing deductions on your return.

Haiti Donations

If you made a donation to Haiti relief prior to March 1st of 2010, you can claim it as a charitable contribution on your ‘09 return.

Hope these help!