The last day to file your taxes is coming this Thursday. Did you know that nearly half of the households in America don't pay Federal Income Tax? "Either their incomes were too low, or they qualified for enough credits, deductions and exemptions to eliminate their liability. That's according to projections by the Tax Policy Center, a Washington research organization."
Make sure that you get all of the credits and deductions you deserve. This year, we made about $5,000 more in income, but we paid the same taxes as last year because we were able to take advantage of some of the credits that were enacted into law via the American Recovery and Reinvestment Act of 2009 that was signed into law in February of last year. This legislation has lots of tax cuts for individuals including a new payroll tax credit, and an expansion of the child tax credit.
We were able to take advantage of the Home Energy Credit when we added an energy-efficient air conditioning and heating system to our home. Did you look for a job this year? Money you paid to look for work (resume printing, stamps), may be tax deductible.
The most efficient way to get your refund is to file electronically (e-file) and have the finds directly deposited into your bank account. Many individuals opt to do their own taxes. You can do them for FREE at H&R Block. If you find that you need help, a tax professional (accountant) will be able to assist you in determining what you can and cannot deduct.
Either way, make sure you don't miss the deadline and good luck!
More information from the Internal Revenue Service (IRS):
Tax Information for Individuals
Do you need to file?
Recent Tax changes for individuals
E-File for FREE
Miscellaneous Deductions
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