W-2s probably have already arrived or will be arriving soon, and it’s not too late to take advantage of many of the tax tips from the IRS. Here are some highlights:
Recovery Rebate Credit: People who did not qualify for the 2008 economic stimulus payment (tax rebate) or didn’t receive the maximum amount may be eligible for a recovery rebate credit when they file their 2008 return.
Real Estate Tax Deduction: You can get a tax deduction for real estate taxes even if you don’t itemize. You can deduct up to $500 for single filers and $1,000 for joint filers.
Tuition and Fees Deduction: You may be able to deduct up to $4,000 for tuition and fees paid for yourself or your dependents, without itemizing.
New Children: Your new child, born or adopted in 2008, will count as a dependent on your return if you’ve gotten the child a social security number.
Electronic Filing/Direct Deposit of Refunds: If you use electronic filing (e-file) and direct deposit, you may receive your refund in as little as 10 days.
For an overview of tax filing, check out “Doing Your Taxes.” For in-depth guidance, take a look at this comprehensive tax guide available for free at IRS.gov. This guide can is 299 pages and is in pdf format. Of particular interest is page 2, “What’s new for 2008”.