Last Minute Tax Tips

Apr 12, 2010 8:45 PM

This Thursday is the deadline to file your taxes and if you put it off until now, here are some last minute tips. More than three-hundred tax law changes were made last year, and they affect all ages. There are several ways to get money back from uncle Sam, the problem is not everyone knows how. "A lot of people miss deductions that they don't know about like, the Earned Income Credit and the Making Work Pay credit, are a couple of the big items people are missing out on this year," Liberty Tax Services Manager John Sheridan said.

Baby boomers can get a tax break with the Lifetime Learning Credit, worth up to two-thousand dollars to help pay for classes. There is also the American Opportunity Credit, which allows up to twenty-five hundred dollars of your paid expenses. If you are an entrepreneur, expect to get some money back! "Any start-up costs they have before the business is started, they can claim those once they start earning income in that business, up to five-thousand dollars is the amount you can deduct for start up costs."

Generation X, here's what you can do! "If they're caring for their elderly parent either in their home or nursing home, they can claim them as an exemption and get the $3,650, that is the exemption value for their parents," Sheridan explained.

Generation Y, there are a few first time tax credits you can take advantage of. Buying a new car will allow you to deduct the state and local sales taxes. If it is the first time you are buying a house, you may be eligible for a tax credit of up to eight-thousand dollars. Don't forget about the child tax credit, it can give you a thousand dollar tax break. To qualify, a child must have been under age seventeen at the end of 2009.


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