New Opportunities to Cut Your Tax Bill

With the Thanksgiving festivities over and your relatives long gone (whew!), you can happily get back to your daily routine.

But before you dive into holiday-shopping mode, you really need to take a minute to do some tax planning.

I know, you'd rather be back at your Thanksgiving table eating Aunt Milly's dried-out stuffing than talk taxes right now. But think of it this way: the more you do now, the more money you keep out of Uncle Sam's pocket. And that should be a big enough motivator.

So let's run through some of the new things you're going to see on your 2006 tax return so you can make as many last-minute savings steps as possible.

Here's to Your Green Thumb

The Energy Tax Incentives Act of 2005 offers a few new credits -- albeit not very large ones -- to folks who attempt to save the environment.

There are two new energy-efficient tax credits for your home. So you could get a credit on your tax return for some of the energy-efficient paraphernalia you add to your home.

As long as you make these energy-efficient improvements to your existing home, you'll qualify, whether you itemize your deductions or take the standard deduction on your tax return. So if you did work on your primary home or are planning on doing so before the year is up, save your receipts.