RICHMOND, VA (WWBT) - The first day you can actually E-file your tax return is next Friday. This year there are a number of new IRS tax credits that could land you more dollars. Experts say start asking for help today.
Candace Griswold is a Master Tax Advisor with H and R block. She says like any year, while taxes may be difficult to file, her advice is simple.
"We really recommend that to get the best return possible with all the new tax changes you see a good tax advisor," said Griswold.
That's because you'll definitely want to know about a number of new tax credits. Tax credits that could lead to a larger tax return. If you've bought your first home this year, you're in luck.
"They get up to 7500 dollars credit, and its up to, it's a sliding scale-its up to 10% of the home purchase. Its basically a 15 year interest free loan. They don't have to start paying back on it til 2010," Griswold said.
And if you weren't able to qualify for an economic stimulus check last year, experts say that situation may have changed.
"If they didn't file for that rebate last year, they need to do it this year. If something happened in their life that was changing-they got a new baby or lets say they didn't get the full amount last year because they made too much income wise, they've lost their job now, they may be entitled to get more money back from the govt." she said.
There's even good news for Americans who owe back taxes. IRS officials say they know taxpayers are struggling and the agency has flexibility for those facing difficult situations with today's economy.
"I think theyre trying to be the good guys. I think theyre trying to help everybody," says Griswold.