5 Top Tax Tips For 2008 – AMT, Rebate Credit, and Other Oddball Stuff

If your 2008 federal income taxes look anything like mine, good luck to you this tax season! Between rebates, tax credits, AMT rip-offs, etc plus starting several new businesses I honestly can’t say which way the tax wind will blow for me this year.

In any case, TurboTax has provided a number of tax estimators, in-depth articles and other tools to help guide you through the process. Here are some of the top tools I found on their site:

1) TurboTax Tax Tips, Tools and Calculators

Know what to expect from your taxes. Browse these tax tips and learn about everything that matters to you-from your first job to your first born.

2) TurboTax – Tax Estimator

What will your tax refund – or payment – look like this year? Changes in your life – like a salary or job change, new house or car, or additions to your family – might affect your refund. Use this tool to estimate your 2008 taxes.

3) Alternative Minimum Tax: Common Questions

The Alternative Minimum Tax (AMT) was designed to keep wealthy taxpayers from using loopholes to avoid paying taxes. But because it’s not automatically updated for inflation, more middle-class taxpayers are getting hit with the AMT. Though Congress implemented a patch for 2008, these FAQs can help you decide if you are still at risk of falling under the AMT.

4) How to file if you received the “Recovery Rebate Credit”

If the rebate amount you entered doesn’t agree with the number the IRS has for you, your return could be rejected by the IRS.

5) Top 10 Oddball Tax Deductions

TurboTax has outlined some outlandish tax deductions to help you increase your tax refund. We’ve uncovered what we think are the weirdest deductions allowed, from pet food to free beer to (we’re not kidding) a girlfriend.