This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tax Changes That Could Boost Your Return

WASHINGTON ( TheStreet) -- As taxpayers work on their 2009 returns, a number of new and increased deductions may make the process a little more bearable. Here are some tax changes that could impact what you owe or get back this year:

Going green

Environmentally conscious folks will want to make sure they have a copy of the Internal Revenue Service's Form 5695 in hand when they crunch out their taxes. The costs of several "green" efforts can be deducted this year as part of the government's plan to stimulate the economy. Homeowners who install energy efficient windows, doors, furnaces, central air conditioners and water pumps can receive up to a 30% tax credit (capped at $1,500).

Alternative energy technology can also earn tax credits, starting this year and through 2016. Up to 30% of the cost of solar water heaters and panels, wind energy and geothermal heat pumps is deductible. Numerous energy-efficient appliances are also eligible for a range of tax rebates.

Hitting the books

The American Opportunity Credit, available for 2009 and 2010 tax filings, allows people to deduct education expenses such as tuition, fees and books. The credit reimburses the first $2,000 spent and 25% of the next $2,000 for taxpayers whose modified adjusted gross income is $80,000 or less ($160,000 for joint filers).

The tax benefit scales back as the filer's income rises above the threshold. The credit is reduced or eliminated for taxpayers with incomes above these levels and is only available during the first four years of college.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs