In my tax practice I run across all types of personalities and financial strenghts. Here is a small list of practicule advise.
1. Do not itemize unless your itemizations are over your standard deduction.
2. Charitable contributions (including tithes) are not deductible dollar for dollar and can vary based on your income.
3. You can claim the hope credit for the first two years of you or dependents schooling and the lifetime after that. Also if they take college courses during high school these classes can qualify for the credits.
4. If you were involved in a midwestern diseaster you have a couple other credits/deductions that you can take.
5. If you are a first time homebuyer there is an additional credit for you. This only applies to people who purchased a home after dec 31, 2008 but before dec 31,2009. Basically you have to buy the home during 2009, if you want to elect the deduction for your 2008 taxes you can to increase your refund or reduce your tax owed. This is an effort to encourage home buying.
If you have any questions feel free in contacting me.
