Tax Tips to Get Back More Cash - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Tax Tips to Get Back More Cash

By Althea Paul email

Palm Beach County, FL (WFLX) - Tax time is right around the corner. And in today's economy, tax payers will be looking for ways to get back as much money from Uncle Sam as they can. So what do you need to know when filing this year?

"I'm looking forward to it cause I can use the extra money," said taxpayer, Razi Ali.

And without a doubt a number of taxpayers this season feel the same way, hoping to get a big refund check.

And according to Scott Shrader, co-owner of several local Liberty Tax Service stores, there are some new credits Floridians can take advantage of. First up, an increased standard deduction for home owners.

"A lot or people do own a home, but don't pay enough interest in taxes to itemize. Now if you do own a home you get to take an additional, up to an additional $500 if you're single. A thousand if you're married in the form of a standard deduction," said Shrader.

Also, there is a $7,500 credit for first time home buyers. And if you didn't buy a home, but instead ended up losing one, there is help for you as well.

"The Mortgage Forgiveness Debt Relief from last year actually can forgive short sales or foreclosures. Some of the debt forgive on a primary residence, but there are some restrictions," said Shrader.

Shrader adds that re-possessions or charge-offs do become taxable income. Also keep in mind that you cannot deduct any losses on a primary residence, in your IRA's or your 401-K. And if you collected un-employment - be aware.

"One of the big things that people don't always realize is that unemployment is taxable income. So unfortunately you need to be prepared for that," said Shrader.

And that is the key - being prepared. Whether you dread tax season or not.

"What are you going to do? It's a part of life," said taxpayer, Bette Thomas.

Shrader adds that if you want to do your taxes yourself, go on reputable websites for forms and information. If you chose to do the work yourself, most tax companies will re-check it for a smaller fee. Taxpayers can start filing this Friday.

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