Tuesday, Mar. 24, 2009

Tax Time in a Tough Economy: 10 Recession Tips

In many ways, it's a whole new ballgame for taxpayers. As President Obama and his Administration unleash round after round of incentives, subsidies and, yes, selective tax increases, the challenges and opportunities for individuals are growing exponentially. Not all of these things are urgent, but with April 15 just weeks away, there are gains to reap as well as costs to duck, if you know the latest rules and are informed about pending changes.

In this special tax package, we cover everything from stimulus rebates (still available for many) and home-buyer credits to incentives to spur car sales. And then there are the quiet tax tweaks that often go unnoticed, such as the ability to claim disaster losses even if you don't itemize. The U.S. Treasury's bank-rescue package may be stealing headlines, but when it comes to protecting your wealth, these 10 tips could pack a much bigger bang.

See pictures of the global financial crisis.