12 ways to cut your taxes

The bright spot of the dreary 2009 economy: savings for everyone.

8 of 12
BACKNEXT
8. You made energy-efficient home improvements
8. You made energy-efficient home improvements
For 2009 the government offered taxpayers more green for going green. You can take a credit worth 30% of what you spent on energy-saving skylights, replacement windows, water heaters, and the like. (Go to energystar.gov to see what qualifies.) But instead of the $500 cap previously on this benefit, you can now claim a combined $1,500 for 2009 and 2010.

If you went green in a big way -- installing a solar, wind, or geothermal energy system into your house, for example -- you can cash in on a 30% credit, with no upper limit. (Previously this maxed out at $2,000.) If this latter credit exceeds your total tax bill, you can apply the unused portion to next year's return, says Luscombe.

Potential savings: $1,500 if you spent $5,000 on windows and skylights

Potential savings: $10,500 if you spent $35,000 on solar heat and electric

NEXT: 9. You own property but don't itemize
Last updated March 26 2010: 7:15 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Savings assumed a couple filing jointly in the 28% bracket, unless otherwise noted.
More Galleries
Top picks from top pros They steered their funds into the head of the pack in the bear market, in the bull market and even in the current blah market. Find out how these managers did it and where they're investing now. More
7 secrets to super customer service Feel like you've been wronged? These strategies can turn just about any company rep into your avenger. More
5 renovations that pay off most As ranked by Remodeling magazine. More

Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2012 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2012 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2012. All rights reserved. Most stock quote data provided by BATS.