Haven't filed your taxes yet? Check out these tips to ensure you and your spouse receive the maximum benefits on your returns, even in the last minute rush to pay good 'ol Uncle Sam.
- Be aware of extended tax breaks: This year, in efforts to avoid the fiscal cliff, legislation extended some family-friendly tax breaks that previously expired. This includes the tuition and fees deduction and a credit for energy efficient home improvements, both of which were set to expire after 2011. The tuition and fees deduction can lower your taxable income up to $4,000 for qualified higher education expenses you paid in 2012.
You are eligible to claim a credit for up to 10 percent of the cost of eligible home improvements to your main residence, with a maximum lifetime credit of $500! For example, in 2012, if you and your spouse purchased and installed energy efficient windows and doors or insulation, you may be eligible for this tax break.
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