10 Commonly Missed Tax Deductions for 2009

It's tax season again. I know, I love this time of year too. (joking) For most of us, it's something we dread doing. I don't know about you, but I usually end up throwing my hands up and taking my documents to Liberty Tax. This year, however, I'm seriously thinking about doing it myself. Online services like TurboTax and H&R Block At Home are making it easier and easier every year. It really makes sense to do it yourself if you have multiple forms to fill out. You could end up saving several hundred dollars in tax preparation fees. As I look through my tax documents, I thought I might highlight some of the commonly used or missed tax deductions because we all how important it is to find every penny's worth of deductions.

1. Points on refinancing - 2009 was the year of refinancing. Interest rates were at historical lows making it almost a no-brainer to refinance your house. Just don't forget that you can deduct your fees and any points you pay towards refinancing.
2. Home buyer tax credits - You can get up to $8,000 in tax credits for any home purchased between Jan. 1, 2009 and Apr. 30, 2010. In addition to this, there is also a tax credit of up to $6,500 for qualified move up/ repeat home buyers from Nov. 6, 2009 to Apr. 30, 2010. For more information click here.
3. Alternative Fuels and Vehicles - There are tax credits of up to $4,000 for the purchase of any alternative fuel vehicle, including hybrids and golf carts (I know Pennsylvania has a tax credit of $4325 for the purchase of golf carts). In addition, there are also tax credits for any alternative fuels used. This includes Ethanol, Biodiesel, CNG, Propane, and Hydrogen.
4. Energy Savings Home Improvement Credit - If you made any improvements to your home that resulted in energy savings, you may be eligible for credits up to $1,500. This includes the purchase of such items as skylights, outside doors, windows, pigmented roofs, high-efficiency furnaces, water heaters and central air conditioning units. For more information, click here
5. Health insurance premiums - Any health or medical insurance premiums paid are considered deductible. Also, many other health related expenses are also tax deductible such as fees paid to doctors and prescription drugs. For more information, click here
6. Higher education expenses - I know many people who chose to go back to school after being laid off. Don't forget that all the expenses associated with higher education are also tax deductible. You could get as much as $4,000 in above the line deductions.
7. Student-loan interest paid by Mom and Dad - If you are not claimed as a dependent, yet your Mom or Dad, pays your student loans for you, you can actually claim the tax deduction yourself. This could mean a deduction of up to $2,500.
8. Child-care credit - If you have a child under the age of 13 and have child care expenses, you could also qualify for a tax deduction of up to $3,000 for one dependent or up to $6,000 for 2 or more dependents. These expenses include costs for daycare, nannies, and help for disabled children.
9. Investment and tax expenses - If your investment or tax expenses exceed 2% of your adjusted gross income, you can also deduct most of these related expenses. These include subscriptions to publications, brokerage fees, annual fees, safety deposit box fees, and even long distance fees to your broker.
10. Tax preparation expenses - Last, but not least, don't forget that the tax preparation fees (whether you do them yourself or not) are completely tax deductible.