Personal Finance Buzz

If you are concerned about reducing your tax liability for this year, it’s a good time to see what you qualify for. The good news is that there is still time to qualify for a number of tax breaks in 2010.

While you don’t want to get too carried away with deductions and credits, there are some little-known tax breaks that you might be eligible for. Here are 5 tax breaks that you might be able to take advantage of on your 2009 return.

During the last two years, many of us have become accustomed to a number of tax breaks that were instituted to help during a time of economic difficulty. However, these tax breaks were never meant to last forever — and they haven’t.

Your evergreen tax breaks, like mortgage interest, certain retirement contributions and charitable donations, should be considered. But you should also plan for some other tax breaks that will be offered just this year.

The problem with widely publicized tax credits like the home buyer tax credit is that people who don’t qualify — and know they don’t qualify — will apply for the credit.

Yes, you do need to pay taxes – but there is no reason to pay more than you have to. Look for ways to legally reduce what you owe to the government. Here are some tax breaks to consider.