Yes, it is here and hopefully the taxes are done and ready to go in the mail or be e filed. Did you take advantage of all those credits available to you. Two you may want to revisit if you haven’t taken advantage of them are :
1. The Making Work Pay tax credit –– available in 2009 and 2010 –– is worth up to $400 for individuals and $800 for married couples. Most people got it as a reduction to their paycheck withholding. Form 1040 filers must complete Schedule M, attach it to their returns, and claim the credit to benefit from it. (Tax software handles these calculations automatically for e-filers.)
2. The American opportunity tax credit (AOC), formerly the Hope Credit
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The AOC can now be claimed for the first four years of post-secondary education. Previously the credit could be claimed for only the first two years of post-secondary education.
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Generally, 40% of the AOC is now a refundable credit, which means that you can receive up to $1,000 even if you owe no taxes.   This is awesome for all students including adults returning to college to prepare for a change in career.
- Check IRS.gov for more information.
If you need more time, file that extension by midnight and remember to send in the tax that you owe with the extension.  On the other hand, if you are all done and ready to put 2009 behind you, here are some record keeping tips for you:
- Normally, tax records should be kept for three years.
- Some documents — such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property — should be kept longer.
- In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, however, you should keep any and all documents that may have an impact on your federal tax return.
- Records you should keep include bills, credit card and other receipts, invoices, mileage logs, canceled, imaged or substitute checks, proofs of payment, and any other records to support deductions or credits you claim on your return.
- For more information on what kinds of records to keep, see IRS Publication 552, Recordkeeping for Individuals, which is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).
