Save Time and Money on your Taxes

It’s exactly two months away from the dreaded April 15th tax deadline. Today, CBS featured an article and video on how to save money and avoid certain mistakes when doing your taxes.

They mention that you can save up to $1,500 on energy efficient improvement that you made to your home such as new windows, insulation, high efficiency furnaces, water heaters and air-conditioning.

If you bought a new home this year, there are some tax incentives you should pay close attention to. In order to qualify for the 2010 credit, you must be a first-time home buyer…

In addition, there is a tax credit for existing home buyers for 2010. Eligible home buyers receive a tax credit of 10 percent of the purchase price up to $6,500. In order to qualify for this credit, you must have lived in the same residence for five consecutive years at some point in the past eight years.

Both credits apply to homes that had a signed contract by April 20, 2010 and that is closed on by September 30, 2010.

To read the article, click HERE. To watch the video, click HERE.