February 17, 2011

Tax Tips For Dummies: Take Advantage of the Tax Break Extension

If you’re like most Americans, filing your income tax can be a daunting task. Just being able to complete the income tax form correctly can be considered a victory. But before filing your income tax return, there are a few good tax tips regarding the tax breaks that were renewed and can be claimed on 2010 returns.

  • State and local general sales tax deduction, primarily benefiting people living in areas without state and local income taxes. Claim on Schedule A, Line 5.
  • Higher education tuition and fees deduction benefiting parents and students. Claim on Form 8917.
  • Educator expense deduction for kindergarten through grade 12 educators with out-of-pocket classroom expenses of up to $250, Claim on Form 1040, Line 23 or Form 1040A Line 16.
  • District of Columbia first-time homebuyer credit. Claim on Form 8859

For further information about these changes and for other tips on taxes, visit the IRS website.

source: irs.gov

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