It's that time of year again everyone and new rules and a new President have changed the tax game. CNNMoney suggests to use these strategies to save on your 2008 tax bill and reap even bigger savings in the years to come.
1. 2008 return: Profit from your pain (Part 1)-The losses from stocks, bonds or mutual funds sold in 2008 can offset gains elsewhere in your portfolio.
2. 2008 return: Snag New Credits- Three new tax breaks most likely to reward you this year: Larger Homeowner Standard Deductions, First Time Home Buyer Credit, and Stimulus Rebates.
3. 2008 return: Take Advantage of Extra Breaks- Some popular deductions that were due to expire were extended: The State Sales Tax Deduction and College Tuition Deduction.
4. 2008 return: Fund Your Retirement- You have until April 15 to send the check for a 2008 IRA, and you can sock $5,000 away, up from $4,000 last year.
5. 2008 return: Profit From Your Pain (Part 2) - If you were 1 of the 3 million people who lost their jobs last year, don't forget you can write off the cost of job hunting.
6. 2009 and beyond: Harvest stock losses - Even if you sold some losers last year, there's no reason not to do so again.
7. 2009 and beyond: Don't Tap Those Retirement Accounts - For this year only the required minimum distributions for these accounts has been waived.
8. 2009 and beyond: Maximize Tax Breaks - Want a greener home? Installing new insulation or buying eco-friendly appliances appliance will get you a $500 credit.
9. 2009 and beyond: Stay Vigilant-Keeping an ear out for upcoming changes could pay off.
If you have already done your taxes you may want to double check for these deductions. If you haven't already done your taxes check into these tax breaks.
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