More ways than one save.

• Position: Income Tax

Whether you prepare your own taxes or work with a CPA or some other professional, it is possible to miss key deductions that will save you money for the 2009 tax year, cautions the Financial Planning Association, Denver, Colo. Here are some of the major ones to check:

Homebuying credits. Granted, it would be kind of tough to miss these if you were in the home market at all last year, but there are substantial tax credits available to first-time and repeat homebuyers who closed a deal in 2009. First-time homebuyers (defined as someone who didn't own a home in the three years leading up to purchase) can qualify for an $8,000 credit on the purchase of a new home and, as of last Nov. 6, existing homeowners (someone who owned a home continuously for at least five of the last eight years) can qualify for a $6,500 credit for a new purchase. It also is important to check income requirements. Pres. Barack Obama extended these 2009 credits into 2010 with some critical changes in income requirements, so it is important to see which rules affect you based on when you made your purchase or if you are planning to make one this year.

See if a sales tax deduction makes sense. All taxpayers who itemize their deductions have a choice between deducting state and local income taxes or the combination of state and local sales taxes, whichever is higher. For most taxpayers, the income tax (if their state has one) is a bigger bite and therefore the best choice for a deduction, but if you have made a major purchase like a car, boat, or airplane, it makes sense to see what you might be able to deduct in your state.

Were you unemployed in 2009? Under the American Recovery and Reinvestment Act, the first $2,400 of unemployment benefits an individual received in 2009 is tax free. This provision applies only to benefits received in 2009. (Normally, unemployment benefits are taxable.)

Do not forget the points on a refinance. Remember, you can deduct the points paid on a refinance over the life of the loan. If it is a 30-year mortgage, you can deduct $33 per $1,0000 of points you paid, which may not seem like much, but it is worth a few bucks. If you sell the home before the loan is paid, however, you get to deduct the rest of the undeducted points.

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