  | Home Health Insurance Premiums Health Insurance Premiums are 100% deductible for the self-employed and small business owners. For 2010, these premiums can also be used to offset self-employment tax. Educator Expenses Up to $250 can be deducted by eligible educators for qualified expenses. Each spouse can claim up to $250 for a maximum of $500 on a MFJ return. However, neither spouse can exceed $250. American Opportunity Credit/ Lifetime Learning Credit The American Opportunity Credit for 2010 is $2,500 for most taxpayers. This credit can be partially refundable. If you are a graduate student or are not enrolled at least part-time in school, you are not elligible for the American Opportunity Credit. However, you can still take the Lifetime Learning Credit. Property Tax deduction for non-itemizers An increased standard deduction is available for non-itemizers. The deduction is the lesser of the actual amount paid for property taxes or $500 and is added to the standard deduction. Residential Energy Property credit Up to 30% of the purchase price of energy efficient improvements to existing homes can be claimed as a tax credit. First Time homebuyer credit Up to an $8,000 credit can be claimed for homes purchased after November 6, 2009 and before May 1, 2010. You can choose to claim the credit on your 2009 tax return for a home bought in 2010 that qualifies for the credit. Credit for current homeowners Current homeowners who have owned a home for five out of the last eight consecutive years can qualify for a tax credit of up to $6,500 for the purchase of a replacement principal residence. Although you must purchase or enter into a contract to purchase a replacement home after November 6, 2009 and before May 1, 2010, it is not required that your current home be sold. |