Most taxpayers will be looking at all the possible savings and new tax breaks they are eligible for in the coming tax season. There are some new ones as well as some that have been around for awhile that are often overlooked.

First Time Home Buyer Tax Break

If you recently purchased your first home, you now have more time to claim the First-time Home buyer’s Tax Break. This new tax break is a federal tax credit worth up to $8,000, through April 30, 2010. This law was passed on November 6, 2009. There’s more to this new tax break, if you owned a primary home for five straight years out of the past eight years, then you could receive a tax credit of up to $6,500.

New Federal Tax Breaks

Deduct The Sales Tax Paid On A New Car

If you bought a new vehicle between February 17 and December 31, 2009, you can deduct the sales tax you paid on the new vehicle. This tax credit does not depend on itemizing, you can claim this new tax break even if you take the standard deduction.

What’s Going On With Your W-4?

The Making Work Pay tax credit is almost done. You have one year left for this tax break to be available. This is the tax credit workers have been noticing in their paychecks. The withholding was reduced so we could have more money in our checks and in our pockets to stimulate the economy. If Congress does not renew the Make Work Pay tax break, then it will expire on December 31, 2010.

Do Not Overlook Tax Breaks for 2010

Have you ever heard of someone bragging about how large their income tax refund was? If you use the right tax software you may receive the biggest refund you have ever received in your life. The new tax break in this category is to remember to take all of the tax deductions you qualify to claim. Even if you take the standard tax deduction you can still take advantage of some other tax deductions available for you.

Charity Work Expenses Are Tax Deductible

With some of the disasters we have had lately, the first thing that I think of is charity work. If you had any out-of-pocket expenses while doing charity work, then you have a tax deduction. If you happened to get a new job, the moving expenses are tax deductible. Well, the list goes on and on. Online tax preparation software will look for over 350 tax deductions for you and I’m sure they will find some you didn’t even know about.

Just remember tax laws change every year and because a tax break was available last year, does not mean it will still be available this year.

IRA To Roth IRA

It doesn’t matter what your income level is, you can change a traditional IRA, 401(k) to a Roth IRA. This conversion wasn’t always allowed, so it’s time to take advantage of it. The Roth IRA is a tax free retirement plan.

This may not be the best plan for every person, so be sure to read the rules before you make the decision. You can find a ton of information from the tax experts about the new tax breaks by visiting the web site of TurboTax Online. Click the support tab on the upper, right corner and enter the words, new tax breaks, into the search box. You will be pleasantly surprised with the information you will find about the tax breaks that are new for 2010.

To find all of the new tax breaks please visit TurboTax Online. TurboTax Online has everything you need to get the biggest refund possible.