12 ways to cut your taxes
The bright spot of the dreary 2009 economy: savings for everyone.

You'll get credit for your kids: This year anyone who doesn't fall into the AMT zone will get some personal exemption for claiming their children as dependents. In previous years that exemption -- $3,650 for 2009 -- phased out at higher income levels. This year it phases down to $2,433, but not out.
Potential savings: $852 per kid, assuming you're in the 35% tax bracket
You get more from itemizing: Typically, high-income-tax filers have to reduce their itemized deductions by 3% of the amount their AGI exceeds a certain threshold ($166,800 for single and joint filers in 2009). But for 2009 that reduction comes down to 1%.
Potential savings: $142 for the average itemizer in the 28% bracket.
More galleries
Last updated March 26 2010: 7:15 PM ET
Savings assumed a couple filing jointly in the 28% bracket, unless otherwise noted.

