Making Money in Any Ways

I read an article in CNNMoney.com, about the tips on how to cut your taxes and it will save up your money. Many people are still looking for how to cut out their taxes. This article is very helpful to us because we are going to pay our taxes monthly. These are the ways to cut out your taxes.

You bought a house 
Late last year, the Congress extended the valuable homebuyer break beyond first-timers. So if you already owned a home but  bought a new one after Nov. 6, 2009, you may be entitled to a credit worth 10% of the purchase price, up to $6,500.

Even if you buy in 2010 -- you have until April 30 to sign a contract and until June 30 to close -- you can claim the credit on your 2009 return, says Mark Luscombe, a principal analyst with tax research firm CCH. (You may need to file an extension or amended return if you sign after April 15.)

Income Limits (for repeat homebuyers)
Full credit up to $225,000
Partial credit up to $245,000

Potential savings: $6,500 for a repeat homebuyer on a house worth $65,000 or more.

You've got a kid in college
The American Opportunity Tax Credit for 2009 and 2010. John Roth a senior analyst with CCH say "Will be the most generous education credits.". Per student can claim $2,500 per year for the first four years of college.


Income Limits
Full credit up to $160,000
Partial credit up to $180,000

Potential savings: $2,500 per student

You got a new set of wheels
If you buy a new motor home, car, light truck or motorcycle after Feb. 16, 2009, you can deduct the sales taxex you paid on up to $49,500 of the vehicle's price. You may look at the saving below for the money that can be save.

Income Limits
Full break up to $250,000
Partial break up to $260,000

Potential savings: $420 on a $30,000 car in a state with a sales tax of 5%


You weathered a disaster
 
There were 59 federal disasters declared in 2009, everything from ice jams in Alaska to flooding in Florida. If your house was damaged in one of them and your homeowners insurance didn't pick up the full bill, you have money coming back to you -- and you don't need to itemize to get it. For 2009, there is no limit on what you can claim (typically you can deduct only losses greater than 10% of AGI). And you can also retroactively apply any losses you can't use to 2008 taxes. File amended returns to get your money quickly. One hitch: You must subtract $500 from the loss before writing it off.

Potential savings: $6,860 if you took a $25,000 hit

Hope this tips would help to cut out you taxes....

For more information see in CNNMoney.com see link in bold.
12 tips on how to cut your taxes