Provisions in existing tax laws can help you maximize the savings on your 2009 tax return. Here are a few ways to reduce your tax liability.
Investors
• Investments sold at a loss in 2009 can be used to offset any profits on your tax bill.
• Taxpayers can deduct up to $3,000 of losses from their income if it was not used to offset capital gains.
Home Owners
• Taxpayers who lost their homes due to foreclosure or had their mortgage restructured may get a pass on paying taxes on the amount of debt
the lender discharged.
Job Searchers
• Certain moving expenses are tax deductible for taxpayers who moved
to take a new job.
• Some job search expenses, such as the cost of printing a resume or hiring a consultant to help with the job search, are deductible.
As these are general tax tips, it's strongly encouraged that you seek tax counsel if you have specific questions regarding your tax return. Read more strategies that can help you reduce your tax bill.
Visit www.FeedthePig.org for more money-saving tips.
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