Mar 6, 2009 8:56 pm US/Central
Stretch Your Dollar: Tax Tips To Save You Money
CHICAGO (CBS) ―
So far, only 39 percent of taxpayers in Illinois have filed their taxes. That leaves millions of people with a lot of work to do between now and April 15.
But before you send in your return, listen to these tax tips that could really help you stretch your dollar. CBS 2's Rob Johnson reports.
"Because I'm self-employed, I usually think there's not going to be anything that's going to be helpful to me," real estate agent Sharon Samardzja said.
But if her income dropped from 2007 to 2008, she might be able to get more of last year's rebate back.
"One in five taxpayers is entitled to a larger stimulus check than what they received in the summer or in the fall," tax preparer Laura Johns of H & R Block said.
Having a child or losing your job might increase the amount you get back.
Johns says there are two other big changes that could put more cash in peoples' pockets.
Number one: The first-time homebuyers credit rose to $7,500.
And, if you pay real-estate taxes but don't itemize you can get a credit, too.
"That's $500 if you're single and $1,000 if you're married," Johns said.
Looking ahead to 2009, there are some things you might want to do now to lower your tax bill next year.
For example, if you need a new car buy one before Dec. 31.
"Both your state and local sales taxes will be available as a credit," Johns said.
There will be a $500 increase in the credit for people who purchase their first homes. Sharon hopes that incentive will help her real estate business.
In the meantime, she's still trying to figure out if she can take advantage of any of the new tax breaks this year.
"I usually pay," she said. "That's why I'm not in a real big hurry to get them done."
Taxpayers in Lake County this year may also get a break because of last June's flooding. Click
here for more tips on tax credits for which you may be eligible.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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