You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of 2006, or if you are retired on permanent and total disability. Like any other tax credit, it

If you paid someone to care for a child under age 13 or a qualifying spouse or dependent so you could work or look for work, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return. To qualify, your spouse, children over the age of 13, and other dependents must be physically or mentally incapable of self-care.

The credit is a percentage of the amount of work-related child and dependent care expenses you paid to a care provider. The credit can be up to 35 percent of your qualifying expenses, depending upon your income.

It is so easy for tax filers to misunderstand the Earned Income Tax Credit (EITC). Many filers who are entitled to receive EITC are missing out because they are not claiming it. On the other hand, those who are not qualified for the tax credit try to claim it every year.

According to the IRS, there are at least 25 percent of taxpayers that qualify to receive EITC each year but don

The Federal Deposit Insurance Corporation (FDIC) encourages low-and moderate-income taxpayers, to take advantage of programs and bank services offered by the Internal Revenue Service (IRS) that are available to further help them save money.

The FDIC says that low-and moderate-income filers can save money on their tax preparation, quality for tax credits, as well as have some of their money directly deposited into a savings account where it can generate funds.

One way to save is by taking advantage of the tax preparation offered free by the IRS-coordinated Volunteer Income Tax Assistance (VITA) program that is available to anyone who qualifies. People who receive their tax refund by direct deposit can also see this as a means to save. Instead of just at one bank, the IRS now allows a filer

Deducting the cost of working out of your home can be a real plus when it comes to saving on taxes. However, meeting the terms of IRS regulations can be a bit overwhelming.

According to accountants, the deduction no longer leads to an automatic audit by the IRS as it once did. .

One of the frequent mistakes that filers make is to try to deduct space in their home that is utilized for both business and personal. The space in your home must be used solely for business purposes in order to qualify for the deduction.

Having a PC and a fax machine in your office isn