10 ways to cut your '09 taxes now [4-6]

Buy a car: The stimulus plan also provides for a tax break for buyers of new cars. If you buy a new car between February 17 and December 31, you can deduct state and local taxes and sales taxes paid up to $ 49,500 cost of the car. If you live in a state that has a sales tax, you still get a tax break if your state imposes a flat fee on the purchase of vehicles or a fee based on the price you pay.

The tax applies to new (not used) cars, light trucks, motor homes and motorcycles. To qualify, your adjusted gross income must be for less than $ 135,000 if you are single or $ 260,000 if married joint submission (the deduction begins to phase out if you earn over 125,000 dollars, if simple, or 250,000 dollars if married filing jointly).

Sale of investments to lose: the capital losses are first used to offset capital gains and then up to $ 3,000 of net loss may be offset against income like your salary. Any additional loss is carried forward to future years.

Maximize their tax deductions and credits: Tax credits can reduce your tax bill dollar for dollar. If you contribute to a 401k, IRA or other retirement savings plan, you may qualify for the savers credit reform "tax, which can cut your tax bill of up to $ 1,000 per person

The dependent care tax credit is also important - and often overlooked - if you pay someone to care for your child while you work. Keep in mind that same day summer camp to the child is under 13 and you or your spouse work.

And tax deductions are important, too, which lowers your taxable income and in turn reduce your tax bill.