New Tax Breaks For 2010, 2011
As we approach the tax deadline we are all looking for those last minute tax breaks that may have been overlooked.
You may have found yourself in a new situation that will allow for new tax breaks such as being unemployed or a new homeowner.
Property Tax Breaks for Home Owners
You may be able to deduct certain expenses for the part of your home you use for business whether you are self-employed or are an employee.
Home & Small Business Tax Breaks
Unemployed
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:
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Travel
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Telephone Usage
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Out of Town Lodging
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Resume Preparation Assistance
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Health Insurance Premiums (from the time you became unemployed
New Homeowner
If you have purchased a home in the previous 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.
A Hybrid Vehicle is a vehicle that uses two or more distinct power sources to move the vehicle. Hybrid vehicles have drive trains powered by both internal combustion engine and a rechargeable battery.
The Energy Policy Act of 2005 provides a credit for taxpayers who purchase certain energy efficient vehicles, including qualifying hybrid vehicles.
Visit TurboTax Online to make sure you are getting all of the credits and deductions you are entitled to.
