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Facts about Tuition and Fees Deduction If you or a dependent paid tuition and certain fees to attend college in 2008, they could be deducted on your tax return.

Avoid Stress at Tax Time There is no way to legally escape filing your tax return each year. However, you do not have to pull out your hair when dealing with taxes. Follow these five tips to avoid the stress some may feel from January to April each year.

Failure-to-File Penalty vs. Failure-to-Pay Penalty When you overpay taxes, you get a refund WITHOUT any interest on the amount overpaid. However if you fail to pay the tax due, by April 15, you will be charged interest on the unpaid amount. Filing your return on time even if you cannot pay on time can still save you money.

Standard vs. Itemized Tax Deduction: What’s the Difference Learning basic tax terms is a step in the right direction to understanding your tax situation and how to maximize the current tax laws to your benefit. Begin now.

Child and Dependent Care Expenses Did you pay someone to take care of your child (under age 13) or an adult who is mentally or physically incapable of self-care so you could work? If yes, you may able to get claim the child and dependent care credit on your tax return.

Saving for Retirement Could Reduce Your Tax Bill Earners within certain income limits can reduce their tax bill while they save for retirement.

Home Office Deduction Working from home may become more prevalent as taxpayers look for ways to keep afloat as jobs are lost. Knowing the details before you set up shop at home could save you money.

Making Work Pay Credit Equals Increased Take Home Pay for Most The new Making Work Pay Credit is a refundable tax credit based on earned income that will put about $800 in the pockets of many taxpayers. For incomes of $150,000 (married couples) or $75,000 (others) the credit phases out.

Stimulus Payment Automatic - No Tax Return Needed Recipients of Social Security who are eligible for the $250 onetime payment authorized in the recently passed American Recovery and Reinvestment Act of 2009 will receive the payment automatically, sometime in late May. Tax returns DO NOT have to be filed to receive the payment.

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