Most taxpayers will be looking at all the possible savings and tax breaks they are eligible for in the coming tax season. There are some new ones as well as some that have been around for awhile that are often overlooked.

Investment Income

New for 2008 will be the 0% tax rate on investment income. For a short period taxpayers with income up to $61,100.00 can receive their dividends and long term capital gains tax free. This one is set to expire as soon as 2010.

Property Taxes

The new Housing Assistance Tax Act for 2008 allows for a deduction on your property taxes of up to $500.00 on single filer and up to $1,000.00 if you are married and filing jointly. This is a great deduction for those who choose not to itemize.

Economic Stimulus Check

If you did not receive a stimulus check in 2007, donʼt worry itʼs not too late. Claim this credit for 2008 and you can receive a check this year for yourself or any qualifying dependents.

Recovery Rebate Credit

This new credit will allow you to receive the entire amount of your economic stimulus if you were previously not eligible or received a reduced amount. You are eligible for this credit even if your income is from social security or disability payments.

Medical Expenses

You may deduct any qualifying Medical Expenses if they exceed 7.5% of your AGI. If you have any upcoming medical expenses in early 2009 you may want to try and get those done before 2009 to allow you a greater deduction on your return.

To find all of the new tax breaks please visit TurboTax Online. TurboTax Online has everything you need to get the biggest refund possible.