Easily missed tax deductions, credits could increase return
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Updated: 5:52 PM Mar 17, 2010
Easily missed tax deductions, credits could increase return
Tax time can be overwhelming, especially with new credits and changes to deductions, and there are details you need to know, even if you have already filed.
Posted: 5:00 PM Mar 17, 2010
Reporter: Heather Haley
Email Address: heather.haley@wvlt-tv.com

KNOXVILLE, Tenn. (WVLT) -- You paid in, all last year, now it's your time to hopefully get some back.

Tax time can be overwhelming, especially with new credits and changes to deductions, and there are details you need to know, even if you have already filed.

Throughout the year, Volunteer TV told you about new tax credits and deductions, but the long list, can get confusing.

And, some steps can easily be overlooked, but that could cost you!

Every year, Sue Clapp prepares for tax time, with a stack of papers, and a list of questions.

She says, "My specialties are here, financial is not my specialty, so I have to ask."

At CPA, Jerry Tipton's office, Sue learned she is getting money back from her 2009 tax return.

She says, "I started drawing unemployment in the latter part of April, and as she told me, the first $2,400 of that was not taxed, so that was really nice."

But, Sue isn't the only one confused at tax time.

Tipton says, "There's a lot of big refunds out there this year because of these credits."

A new roof over your head, can help your tax return.

If you bought a new home you can get back up to $8,000.

Or, if you actually put a new roof on your home, that could fall under the home energy credit. Tipton says, "New heat pumps, roofs, that's energy related roofs, windows, doors, or insulation, $1,500, up to that, credit."

The credit you get for college changed, and now applies for all four years of college. "So, you can get back, up to, this year, $2,500, back on your education credit." says Tipton.

The Making Work Pay credit is new, giving you a percentage of your income back, up to $800. But, it also comes with a new section on your return. Tipton says, "That one, actually, you can actually miss, doing on your own return."

And, even if you already filed, you can get still get a credit you might have missed, by amending, and you have 3 years to do that.

Still waiting for your return? Check out this table to see when you can expect your money:

Filed By
Direct Deposit By
Check Mailed By
Jan. 20
Jan. 29
Feb. 9
Jan. 27
Feb. 5
Feb. 16
Feb. 3
Feb. 12
Feb. 23
Feb. 10
Feb. 19
March 2
Feb. 17
Feb. 26
March 9
Feb. 24
March 5
March 16
March 3
March 12
March 21
March 10
March 19
March 30
March 17
March 26
April 6
March 24
April 2
April 13
March 31
April 9
April 20
April 7
April 16
April 27
April 14
April 23
May 4

Latest Comments

Posted by: R Kraft Location: Knoxville - Knox County CAC on Mar 18, 2010 at 12:15 PM

Free tax assistance is available! Volunteer Income Tax Assistance (VITA) is here to help low to moderate income households file taxes. We file back taxes from 2006 to the present. We file amended returns throughout the month of March, too. LT Ross Building (CAC) - 2247 Western Avenue. Call 546-3500 for more information.