A lot of people have filed their taxes already this year in the U.S., but if you haven’t, it could be a good idea to go the ‘Recovery Act Tax Savings Tool’ offered by the government to see if there are some things you could be missing where you may save money.

As the government site says, “This tool is intended to be educational. Taxpayers should not rely on it for determinations about their eligibility for tax benefits, but should consult the relevant IRS forms and instructions or a qualified tax professional. The tool provides links to relevant irs.gov and other government resources to help taxpayers learn more about the benefits for which they may be eligible.”

Even if you have already filed your taxes it is a good idea to go through the possible tax savings, as you can easily amend your tax forms if they need to be; especially when it comes to saving a lot of money.

What’s important about the tool is it relates specifically to the Recovery Act, so may not be something you are aware of, and if you have someone do your taxes, they may have be up to date on it as well, or could have missed something. Either way, it’s definitely worth the little extra time and effort to see if you qualify for the deductions.

For example, with the first question you’re asked about, which is relates to your filing status, you may qualify for a $400 to $800 tax credit, depending on if you’re single or married. It’s called the Making Work Pay Tax Credit, which the government says $110 million Americans should be qualify to use.

Another one you could easily qualify for is concerning college expenses for you or your children. Remember, these are in addition to past tax credits, so be sure to check it out when you get there. In this instance could get a credit through the American Opportunity Credit, which is up to $2,500.

You get the idea. There are a number more of these types of tax credits available this year. Keep in mind spending just a little more time each day can save you a lot of money you can then use to build your wealth. This is one of those worth spending time with.

Tags: saving money, Savings Tips

This entry was posted on Wednesday, March 24th, 2010 at 3:29 pm and is filed under tips. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.