New Opportunities to Cut Your Tax Bill

The first credit applies to the various ways you insulate your principal residence to reduce heat loss or gain. So if you install new skylights, outside doors, windows or pigmented roofing, you'll be able to claim a tax credit for 10% of the cost. The same goes for high-efficiency furnaces, water heaters and central air conditioners.

Unfortunately, the credit maxes out at $500, and no more than $200 can be attributable to windows. But, hey, it's better than nothing.

The next credit focuses on solar heating. You can claim a 30% credit for the cost of the solar energy systems you install to heat the air or water in your home. Big note: If you install a heater in your pool or hot tub, that cost doesn't count. This credit is capped at $2,000 apiece for home furnaces and water heaters, and is available for vacation homes as well.

Be Hollywood: Buy a Hybrid

Hybrids are very hip these days. Cameron Diaz and Leonardo DiCaprio drive them. Maybe you should too.

Especially since you'll get a tax credit for buying one. You can get a credit of up to $3,400, although it varies among the different cars available. For example, the credit on the Toyota Prius is $3,150, but the Ford Escape hybrid 4WD will only get you a $1,950 credit. Again, it's better than nothing.