As you review your 1040 form, do you wish there were ways to reduce your tax bill? There may be some areas you missed that could save a few tax dollars. Even if you've already filed or can't save money on your return this April, these tips still could help next year. Let's examine a few:
1) If you're thinking about returning to school, those college classes might provide some tax relief. Uncle Sam's credits for college include a $2,000 Lifelong Learning Credit and the $2,500 American Opportunity Credit for classes that might help improve your employment skills.
2) If you installed new doors, windows, or air conditioning you may be eligible for up to $1,500 in home improvement credits. There are a number of other home updates that qualify. Your tax advisor should have a complete list.
3) On that note, did you buy or refinance a house in 2009? The government program for first time homebuyers may apply to you. Remember, points and fees paid as part of a refinance may be tax deductible, too.
Obviously, this isn't an exhaustive list of tax tips, but some common areas I see people miss. Check with your tax advisor before making any moves. You want to make sure no exceptions apply to your situation.