3 Things You Might Not Know About Taxes

New economy, new rules

If you are like most Americans, who are seeking ways to save or earn money any way they can, you might want to look to your tax forms.

This story by CNN Money contains some things I sure didn’t know about tax breaks and credits you can get. Check out these tips before you send in your 2008 taxes.

1. Losses on investments

Most people have seen the worth of their portfolios go down, down, down as the stock market flails. Did you know that you can claim losses on stocks, bonds and mutual funds on your taxes?

If you sold off investments for a loss and didn’t experience any gains, you can write off up to $3,000 in income on your return. That will lower your adjusted gross income and reduce the amount you owe. If you’re due for  a return, it could feel like an instant payday loan!

2. New tax credits!

You could qualify for brand spanking new tax breaks this year if:

• You pay property taxes and don’t itemize
• You bought a new home and didn’t own a home for the three years previous
• Your income is less than $75,000
• You and your spouse’s combined income is less than $150,000

3. Unemployed? Write off your job search

Unemployment made a huge leap in 2008. If you were one of the unlucky millions who lost their jobs, there is one teeny silver lining.

Money you spent on your job search, including costs of creating and printing your resume, is tax deductible. You can also deduct expenses for transportation to and from job interviews and the cost of career coaches.

Also, if you lost your job in 2008, you might be able to qualify for a rebate check. Check out the calculator at irs.gov to see if you are eligible.

Find even more ways to get the most out of your tax returns at http://money.cnn.com/galleries/2009/moneymag/0902/gallery.tax_tips.moneymag/index.html.