Tuesday, Mar. 24, 2009

Claim Property Tax Deductions

Real estate taxes are another common expense that was moved "above the line" this year, allowing you a deduction of up to $1,000 while still taking the standard deduction. Again, you don't need to itemize in order to benefit. Two-thirds of taxpayers do not have enough expenses to make itemizing worthwhile. This provision is especially useful for people who own homes. (It was originally designed to help older people on a fixed income who may have paid off their mortgage but were in danger of losing their home by rising property tax bills.)

Read a brief history of the middle class.