Do You Know About The New Tax Breaks?
As we approach the tax deadline we are all looking for those last minute tax breaks that may have been overlooked.
You may have found yourself in a new situation that will allow for new tax breaks such as being unemployed or a new homeowner.
Unemployed Tax Deduction For New Job Search
If you have recently lost your job in the previous year, then there are some new tax breaks you can claim if you want to take the time to itemize. You can deduct any job search related expenses as long as you are searching for a new job in the same area as your previous position.
The following expenses could be eligible for a tax deduction:
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Travel
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Telephone Usage
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Out of Town Lodging
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Resume Preparation Assistance
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Health Insurance Premiums (from the time you became unemployed
Child Tax Credit
2010 is the last year the Child Tax Credit will be $1,000. After 2010 the tax credit per eligible child will go back to $500. Another change in the Child Tax Credit will be the earned income will have to be more than $12,550 or else none of the Child Tax Credit will be refundable. The Child Tax Credit is scheduled to expire after 2010.
There are also those credits and deductions that are often overlooked such as the earned income credit, real estate taxes, and the additional child tax credit. An online tax preparation service such as TurboTax online can be a great to help you ensure you don’t miss anything.
More Information About New Tax Breaks
You can use an online tax preparation company such as, TurboTax to research the latest information from tax experts by using their support search box. All you have to do is go to their web site, click on the support tab, enter new tax breaks for 2010, and you will have all the current tax break information you ever wanted!
Visit TurboTax Online to make sure you are getting all of the tax credits and deductions you are entitled to.
New Tax Breaks Video
