10 Last Minute Income Tax Deductions

Tax Day is coming! Hopefully, you've already located your W-2 forms and started filling out your tax information. As you go through your income statements, capital gains and losses, and business investments, keep in mind that there are several tax deductions that can be taken too. You may not even be aware of all the available tax deductions that are out there, and which deductions can help you maximize your tax return. Here is a list of 10 income tax deductions about which you may have not been aware:

1. Repeat home purchase. You may be aware of the new homebuyer credit, which provides a credit of 10% of the purchase price of a new home (up to $8,000). However, repeat homebuyers also receive a 10% purchase price credit for buying a home (up to $6,500). This new home must become your principal residence. You must also have lived in your prior home for at least 5 out of the last 8 years.

2. Unemployment. If you were collecting unemployment income in 2009, the first $2,400 of that income is tax deductible. If you were paying taxes on your unemployment income, then your tax return could be even greater.

3. Job searching. The money you spent on travel to job interviews, resume writing, and career coaching is all deductible as long as it exceeded 2% of your income and was spent on getting you a job in your current field. This tax deduction is applicable whether or not you were unemployed in 2009.

4. Investment loss. Stocks took a major hit in 2009. If you sold stocks at a loss in 2009 and had previously kept them for over a year, those losses can be deducted from your income (up to $3,000). If your losses exceed the allowable limit for 2009, they can be carried towards your 2010 tax return.

5. Disaster. From tornados to floods, 2009 brought a wide range of natural disasters. If you suffered damage to your home because of a natural disaster and your homeowners insurance did not pick up the tab, then you can deduct the cost of that disaster from your taxes. This benefit is available to you whether or not you itemize your deductions. The only hitch to this deduction is that you cannot count the first $500 of your monetary loss.

6. Property taxes. Any property taxes that you pay on your primary residence are deductible- as long as you are itemizing your tax return. However, even for joint filers who don't itemize, they can still deduct up to $1,000 from their taxable income.

7. Freelance work. You may have earned extra income through such activities as selling items on Ebay, freelance writing, and filling out surveys. These activities can be equated to having a second job or business. They can also allow you to deduct certain expenses, such as travel, your home office, and even a portion of your mortgage payment and utilities.

8. New car. If you purchased a new vehicle after February 16, 2009, you can deduct the sales taxes on that vehicle for up to $49,500 of that vehicle's purchase price. This is also applicable if you purchased your vehicle through the Cash for Clunkers program.

9. Charity. If you donated money to the victims of Haiti's earthquake, you are eligible for a 2009 tax year deduction. This is true even though the Haiti earthquake occurred in 2010. You must have made your charity donation before March 1, 2009, however.

10. Being green. If you purchased any kind of energy star appliances such as refrigerators, furnaces, or water heaters in 2009, those item costs are eligible for a tax deduction of up to $1,500 for 2009 and 2010. If you spent an exorbitant amount of money on green technology for your home (e.g., solar roof panels, geothermal heating system), you can deduct 30% of that investment with no upper limit applied. If your deduction exceeds your taxes for 2009, you can apply the remaining credit towards next year's taxes.