Real estate crash could save you money on taxes

Taxes...Did You Know?

    The first known system of taxation was in Ancient Egypt around 3000BC-2800BC in the first dynasty of the Old Kingdom.

    In the infamous words of the late Leona Helmsley -- "We don't pay taxes. Only the little people pay taxes." The IRS disagreed.

    The AMT tax hit 23 million taxpayers in 2007, and 39 million by 2017. (according to the Tax Policy Center)

    TIMBER! Nearly 300,000 trees are chopped down annually to produce the paper needed to print the IRS's mountains of forms and instructions.

    Tax Day in 2009 is Wednesday, April 15.

    The average federal tax refund that taxpayers received in the 2007 tax season was $2,548. Three out of four individual taxpayers got a refund.

    21 percent of all paper tax returns have errors while only 0.5 percent of e-file returns have errors. (source: AP)

    Alaska, Florida, Nevada, South Dakota, Texas, Washington state and Wyoming have no state income tax.

    Think your taxes are high? They are nothing compared to many other countries. Single people in Belgium for instance pay over 50 percent in taxes.

    Ben Franklin's famous quote "nothing is certain but death and taxes" was said in 1789 in a letter to Jean-Baptiste Leroy.

With property values in the toilet, home owners have a unique opportunity to save some money on taxes by contesting town assessments of their property values. Because tax assessments may not reflect the declining value of properties in your neighborhood, it's important to do some research and find out whether they're overvaluing your home and making you pay for it.

WalletPOP tax expert Tracy Coenen did just that, and saved $250 per year on her taxes. Watch the video below for her tips on how to contest the assessment and keep more of your money.

Video: Learn about the First-Time Homebuyer's Credit

Note: The content of this video applies only to taxes prepared for 2009 and 2010. It is included here for reference only. In November 2009, the federal government extended and expanded the popular First-Time Homebuyer's Credit program. It lets you trim your tax bill by up to $8,000, a boon to homeowners facing mortgage payments for the first time.

Read More

Brought to you by TurboTax.com

Homebuyer Tax Credit: 7 Surprising Facts

Note: The content of this article applies to taxes prepared for 2010. It is included here for reference only. The Homebuyer Tax Credit was extended and expanded on November 6, 2009, but qualifying for it can still be tricky. If you're hoping to claim the credit in 2010, these tips could help you.

Read More

Brought to you by TurboTax.com

The Truth About Second-Chance Rebates

Note: The content of this article applies only to taxes prepared for 2008. It is included here for reference only. You might be hearing a lot about "second-chance rebates" and wondering if you qualify. The truth is that most people won't.

Read More

Brought to you by TurboTax.com

Fatten Your Paycheck and Still Get a Tax Refund

If you usually get a tax refund, but would like to start putting more money in your pocket every month, we can help. Yes, you still have to fill out a W-4 form. But we've developed a quick and easy guide to assist you.

Read More

Brought to you by TurboTax.com
Read Full Story
Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.