Slash your tax bill

New rules and a new President have changed the tax game. Use these strategies to save on your 2008 bill - and reap even bigger savings in the years to come.

9 of 9
BACKNEXT
9. 2009 and beyond: Stay vigilant
<b>2009 and beyond:</b> Stay vigilant
Come April 15, all you want to do is bury those tax files and forget about them for another year. But keeping an ear out for upcoming changes could pay off. There's the possibility of an income tax credit, which would reduce paycheck withholdings by as much as $500 and $1,000 for singles and couples who meet the income requirement. Also under consideration: a provision that would allow taxpayers to take up to a $2,500 tuition credit (in lieu of the current deduction for college tuition). Finally, there may be changes to the home buyer credit: it could be increased to $15,000, expanded to all buyers, and the repayment requirement may be waived.

NEXT
Last updated March 02 2009: 9:16 AM ET
More Galleries
8 great summer vacation deals Want the perfect summer getaway? MONEY searched for destinations with balmy weather, unique attractions, fun stuff to do, and great deals from four different categories: beach, mountain, culture and city. More
Best ways to catch up on your retirement savings Even the most financially responsible people make a few mistakes or run into obstacles along the way. These tips -- from cutting taxes to selling securities -- can preserve a safe retirement. More
Nearing retirement? Fortify your finances Your financial goals are within reach. Here are tips and tools to make sure you achieve them. More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.