You don't have to hire a high-priced accountant or tax attorney to save a little money on your taxes this year. We came across an article that provides 10 really good tips that can help you save money on your taxes -- either by paying out less in taxes or getting a bigger refund.
Did you know that you might qualify for free tax preparation software? If your gross income last year was $56,000 or less, you automatically qualify for access to free tax preparation software. According to the IRS website, "The Free File program provides free federal income tax preparation and electronic filing for eligible taxpayers through a partnership between the Internal Revenue Service (IRS) and the Free File Alliance LLC, a group of private sector tax software companies." Here's a link: Free File at IRS.gov.
Additionally, and again depending on your income level, you can qualify for free tax filing help at community help sites.
There are other ways to save, as well. If you bought a new home last year, you may be eligible for a tax credit of up to $7,500. If your income turned out to be lower in 2008 than in 2007, you may be able to claim a "recovery rebate credit", and you may also be able to get an "earned income tax credit".
The article spells out these tips, as well as several others (including information on avoiding scams) in more detail, as we've listed the headlines below. We encourage you to read the article to get the full scoop.
1. Do your own taxes free.
2. Get free tax preparation and e-filing.
3. Get tax credit for a home purchase.
4. Qualify for more of last year's stimulus payment?
5. Income down in 2008?
6. Deduct your real estate taxes.
7. Get your money faster.
8. Get free help and forms.
9. Watch out for scams in your inbox.
10. Get free help with tax problems.
