Taxes are due on April 15 and if you’re among the millions of Americans who wait until the last week to file, this is a video interview that could help you reduce your federal tax liability (i.e. money you’re paying to Uncle Sam).
Originally broadcasted by NBC’s “The Today Show“, the 4-minute piece reviews various tax credits and deductions, plus some recent, important, tax law changes. A few of the topics covered include:
- Tax filers receiving larger “personal exemptions” in 2009 over 2008
- Unemployment income recipients being required pay taxes beyond the first $2,400 received
- The “first time” home buyer credit being extended to non-first time home buyers for up to $6,500
The interview also talks about how taking a parent, child or other family member into your home may change your tax filing status and reduce your tax liability.
Even if you’ve filed your taxes already, watch the video above. You may find that you missed an important potential deduction. If that’s the case, consider filing an amended return with the IRS to recapture the credits you left on the table. Most times, the benefits of re-filing will outweigh the costs of doing it.
Naturally, I’m not an accountant. So be sure to talk with your tax professional for personal tax advice.
Enjoy!
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