Taxing Time

More News

• Related Materials
• There are currently no related materials for this story.

Now that you've sprung forward, its time to look back at 2009.  And if you haven't already filed those tax returns, experts say in most cases, the sooner the better.

They say the only things certain are death and taxes but this year, it may be time to bury your old ideas.  Not much has changed for the tax code in 2009, but your own financial picture may have changed.  So you may be eligible for credits and deductions that you weren't eligible for in the past.

Let's start with losses, whether in the market or on a home, they may offset earnings.  If you've lost a job, the hunt for new employment could be a new write-off.

Among the things that might be deductible if you've been in the process of a job search would be any out of town travel, any phone calls that you've made, or perhaps if you've met with a career counselor.   All of those things may be deductible on your tax return.

At a time when Americans are paying more and more for health care, do a thorough examination of your medical costs, they might just give you a healthy return.  And any energy efficient improvements to your home in '09 could mean green in your wallet too.  The home energy tax credit may include things like new windows, new doors, certain types of insulation, or new heating or air conditioning units. 

So experts say now is the time to take a closer look and gather documentation.  Avoiding the last minute rush also means getting your refund a lot quicker.

And I'd venture to say there's one more certainty in life most of us wouldn't turn down a little more money in the bank.