Tax hacks and sad sacks
February 1st, 2010 by sandeeIt's an annual rite. San Juan Capistrano has its sparrows and the rest of us suffer tax forms.
They flutter into our mailboxes around this time of the year: W-2s, bank interest documents, 401(k) statements.
So it bears repeating: to keep them all in one place, take a large manila envelope, mark it with the words "2009 TAXES" and plop it wherever the mail is dropped in your house. Train everyone to insert all tax-related hard copies into that envelope, otherwise no soup for them.
If you have a simple federal tax return, you might check out TurboTax, which is offering free Web-based preparation, e-filing and printing.
Some new items to watch for this year, courtesy of the Internal Revenue Service:
- Certain cash contributions for Haiti relief effort can be deducted on your 2009 tax return.
- Pay cuts and a lower-paying job may have made you eligible for earned income credits. Check to see if you qualify. Larger families can especially benefit from the changes.
- Most workers got or will get bigger paychecks in 2009 and 2010 because of changes made to the federal income tax withholding tables. But some may find that less in taxes were or are being withheld than they planned, affecting their refunds. Read more here.
- Several credits were increased, including first-time homebuyer credits.
- The American opportunity tax credit, formerly named the Hope credit, can now be claimed for college expenses for the first four years of post-secondary education. It could be worth as much as $2,500 for qualified tuition and expenses paid in 2009.
Got tax hacks? Drop 'em here.



