Taxes are due April 15 and if you're among the millions of Americans who wait until the last week to file, here's a video interview that could help you reduce your federal tax liability.
Originally broadcast by NBC's The Today Show, the 4-minute piece reviews various tax credits and deductions, plus some recent tax law changes. A few of the topics covered include:
- Tax filers receiving larger "personal exemptions" in 2009 versus 2008
- Unemployment income recipients being required pay taxes beyond the first $2,400 received
- The "first time" home buyer credit being extended to non-first time home buyers for up to $6,500
The interview also talks about how taking a parent, child or other family member into your home may change your tax filing status and reduce your tax liability.
Even if you've filed your taxes already, watch the video above. You may find that you missed a potential deduction. If that's the case, consider filing an amended return with the IRS to recapture the credits you left on the table. Most times, the benefits of re-filing will outweigh the costs of doing it.
Be sure to talk with your tax professional for personal tax advice.
Also don't forget to ask about how buying a home or an investment property can save you money too
For more information on getting the right home, at the right price, at the right time... Contact The Real Estate Geeks Chip 714-272-5369 or Melissa 714-720-2555
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