Changes in tax laws can bring tax deductions, if you know where to look. A recent law includes new homebuyer credits that basically put thousands of dollars in some home purchasers' pockets. If you remodel your home and incorporate energy-saving improvements, you can receive credit for this eco-friendly act. You may also gain financial favor from the IRS if you purchase certain hybrid vehicles.
To take advantage of current tax laws, you might try one of two things. First, you can hire a tax accountant. It's the accountant's job to keep an eye on changing tax laws and how they affect your tax return.
Second, you can use a computer software program such as TurboTax. One of the features such software offers is a yearly update with new tax deductions and credit opportunities that have been affected by changes in laws. The software also has checks and balances built in to ensure you're taking advantage of available opportunities.