Own your own home? Looking for more ways to reduce your tax burden other than just the normal interest write-off? You might want to check out this article at Kiplinger.com which outlines some new tax breaks that you probably don’t want to miss. A few highlights?
- First-time buyers who purchased a home between April 9, 2008 and the end of the year may be able to claim a tax credit of up to $7,500 (it’s actually a tax-free loan). And even if you buy during the first half of 2009, you can still get the credit on your 2008 taxes.
- A new tax break allows homeowners who do not itemize their deductions to take advantage of an extra standard deduction of up to $500 for individuals and up to $1,000 for married couples.
- If you made PMI payments in 2008 and your income is $50,000 or less ($100,000 or less if you are married), you made deduct 100% of your premiums.
For more tips and breaks, check out the rest of the article. But whatever you do, make sure you take the deductions you are entitled to.