Lets Talk Money Online - Don't miss these 2009 tax deductions

Some people wait until the last minute before filing federal income taxes each year. If you are among this number, you might find the following tax deductions and credits timely.

Improve your retirement readiness. Open a traditional IRA or contribute to an existing one. You have until your tax filing deadline (without extensions) to do so. If you qualify, you may deduct the contribution from your 2009 adjusted gross income.
If you changed jobs, you may be able to claim some expenses. Two examples are fees paid to a resume service or employment agency. Also include travel to job interviews as a miscellaneous expense. Only miscellaneous expenses exceeding 2% of your adjusted gross income are deductible.
If you moved closer to your new job, you may get to deduct some moving costs when you meet travel time and distance requirements.
You may qualify for a tax credit of up to $8,000 if you bought a home last year. This is available if you did not own a home in the previous three years and closed on a primary home purchase on or before December 31, 2009. A lower credit may be available if you are a long time homeowner and bought a new home between November 6 and December 31, 2009.
Deduct sales, local and excise taxes on the purchase of some new cars in 2009. Deductions are limited to taxes on a purchase of up to $49,500, subject to income limitations.
Take a tax credit of up to $1,500 for making qualified energy-efficient improvements for your home in 2009. Improvements include energy-efficient windows, insulation and heating and air conditioning units.
Take the American Opportunity Tax Credit, formerly the HOPE Credit, for qualified education expenses. For tax years 2009 and 2010 only, this credit has been extended to taxpayers with higher incomes. The credit also is partially refundable for taxpayers whose liability is less than the credit amount.

This is an advertisement prepared by LTM Publishing, Inc. for the use of the sender. The advertisement provided is not intended as legal or tax advice and may not be relied on for purposes of avoiding federal tax penalties. All individuals, including those involved in the estate planning process, are advised to meet with their tax and legal professionals. The individual sponsoring this newsletter will work with your tax and legal advisors to help select appropriate product solutions. We do not endorse or guarantee the content or services of any website mentioned in this newsletter. We encourage you to review the privacy policy of each website you visit. Limitations, restrictions and other rules and regulations apply to many of the financial and insurance products and concepts presented in this newsletter, and they may differ according to individual situations. The publisher does not assume liability for financial decisions based on the newsletter's contents. Great care has been taken to ensure the accuracy of the newsletter copy at press time; however, markets and tax information can change suddenly. Whole or partial reproduction of Let's Talk Money® without the written permission of the publisher is forbidden. ©LTM Publishing, Inc., 2009.

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