UPDATING FOR 2010
 
 
 
 
 
 
 
 
 
 

10. If you are disabled or a full-time student, you can claim child care paid for the months you are going to school or are totally disabled.

11. You can deduct up to $2500 of the interest paid on your student loan. The 5 year limit has been eliminated.

12. If you are taking a course at any accredited school, you may be able to take a credit on your return for the tuition you paid.

13. You can use your IRA for the down payment on a house (up to $10,000 for a first-time homeowner), for college education costs, for excessive health expenses and other hardships. You will owe tax on the withdrawn amount, but no penalty for early withdrawal.

14. You can pay the balance due on your return as well as estimated taxes with your credit card.

15. According to IRS statistics, a taxpayer who electronically files the return is 73% less likely to receive a letter from the IRS than a return done "by hand"