Did you know the U.S. tax code is over 7,000 pages long? No wonder filling out a return is so difficult. To help out, here are 3 tax tips that can save you money on your 2008 return, thanks to Bankrate.com.
- The Rebate Recovery Credit. Last year, the feds distributed millions of tax rebates that can also be used on your 2008 return by claiming this credit. This could save up to $600 for single taxpayers, $1,200 for married couples filing jointly if you didn’t receive the rebate last year.
- The First-time Homebuyer Credit. Some first-time homebuyers can claim a credit of 10% of the purchase price, up to a maximum of $7,500. You may qualify if you haven’t owned a home in the three years prior to closing.
- The Standard Property Tax Deduction. First time homebuyers—who for whatever reason don’t itemize—can add up to $500 for single homeowners, double that for joint filers—to the standard deduction. It’s only for your primary residence and only if you paid property taxes.
Have you filed your 2008 taxes yet? Just be glad you're not a major corporate like General Electric. GE's tax return runs over 24,000 pages, equal to a stack of paer over 8 feet tall!
We'd love to hear about your tax filing experience this year. Please comment below.
Yep, we filed and received our refund in early February - and it feels good!
Posted by: Lee Holcomb | March 06, 2009 at 08:01 AM
I haven't filed yet for the simple fact that 'refund' is a word I am not familiar with in terms of taxes. My w4 is figured almost to the penny and this year I might only have to contribute an additional $200.00 - $400.00. It would have been nice if number 2 would have been in effect when I bought my home 5 years ago, I might have qualified.
Posted by: Brian Smith | March 07, 2009 at 10:11 AM
Filed in February. I think this was the earliest I've filed yet.
Posted by: Josh | March 10, 2009 at 03:21 PM