|
Updated: 7:45 AM Dec 29, 2009
Last-minute, year-end tax tips that can save you money and time
South Bend, IN As the year comes to an end, so do many tax credits. Here is a handy checklist from the IRS to make sure you get what you qualify for.
Posted: 7:16 AM Dec 29, 2009Reporter: Brandon Lewis Email Address: Brandon.Lewis@wndu.com |
|
Font Size:
The Internal Revenue Service has several tips to help you get ready for tax season and take advantage of several tax credits offered by the government.
- Gather your records
Employers send W-2 forms in January, but start gathering receipts now to avoid scrambling at the last minute.Keep records of new car purchases and energy efficient home purchases in a safe place.
- Check your federal income tax withholding
If you recently got married or divorced, had a child or no longer care for a child, you should look into changing the amount of money withheld from your paycheck. - First time home buyer credit
First time home buyers can qualify for a tax credit if everything is finalized by the end of the year. - Energy efficient home credit
You may be able to get a tax credit for purchasing energy efficient items for your home, such as water heaters, air conditioners, exterior doors and windows. This tax credit will be renewed in 2010. - New vehicle sales tax deduction
Taxpayers who purchased some new vehicles after February 16th can get a tax break. Some RVs, motorcycles and light trucks are also included in the program. - Unemployment compensation
The first $2,400 of unemployment benefits are tax free in 2009. - Education credits expanded
The HOPE credit now includes higher incomes and those who do not owe any back taxes. - Maximize retirement accounts
You can put up to $5,000 in an IRA and up to $16,500 in a 401(k) employee plan in 2009. - Document Charitable Contributions
You can deduct charitable contributions, but you must get a receipt. Make sure the organization is tax exempt by asking for a certificate or by checking with the IRS. - Earned Income Tax Credit
If you make less than $42,000 you could get up to $4,800 back from the government. - E-file 2009 tax return
In 2008, 90 million Americans e-filed their taxes. The IRS said it is the easiest, fastest and most accurate way to file and get back any money. - Use updated forms
Check the IRS website for the latest forms and publications and to see if you qualify for any of the above credits.
You can also call the IRS at 1-800-829-1040 or a licensed tax professional if you have questions. Or you can click here to get more information on making charitable donations by December 31, the stimulus-related tax credits, and more. You can even search for charities that are eligible to receive tax-deductible donations.
More Stories

| WNDU News Poll |
Most Popular Headlines
- Edwardsburg police bust large underage drinking party
- Alcohol a factor in a deadly La Porte County crash
- Cars set on fire in Elkhart
- Elkhart community gathers to support immigrant family
- Stars come out for the Super Bowl in Indianapolis
- The best and worst Super Bowl XLVI commercials
- Bauer tactics unite, divide outnumbered Dems
- Local Michiana man performs on Ellen
- Neighbors warn of possible free soap scam
- South Bend family of 11 celebrates mom's 46th birthday at Super Bowl XLVI
- UPDATE: Police still searching for suspect in shooting involving 7-year-old
52 Comments - Edwardsburg police bust large underage drinking party
48 Comments - Neighbors warn of possible free soap scam
40 Comments - Elkhart community gathers to support immigrant family
22 Comments - South Bend family of 11 celebrates mom's 46th birthday at Super Bowl XLVI
18 Comments - Bauer tactics unite, divide outnumbered Dems
15 Comments





