There really are ways to save.

• Position: Income Taxes

What three words do people least want to hear in the middle of a recession--besides, "You're laid off," that is? Answer: "It's tax time!" Tax season is not all bad news, however, according to financial counselor and author Eric Tyson. Even if you are not expecting a fat refund check, the looming presence of April 15 can inspire you to make some changes that will keep more of your cash out of the clutches of the IRS--now and in the future.

"Many people have had a tough year," notes Tyson, coauthor of Taxes 2009 for Dummies. "Americans have faced job losses, pay cuts, foreclosures, and constricting budgets, and now, here comes Uncle Sam with his hand out, but the good news is that a smart tax strategy can help you keep more money in your pocket when you need it most."

Tyson gives the following advice:

Revisit your withholdings. Do you dread April 15 because it means you have to dole out a huge check to pay your tax bill, or maybe you have to skimp and save throughout the year, but then get a big tax refund when you turn in your taxes? Either way, you need to adjust your withholdings. You can do so by filing Form W-4--one of the many forms you filled out on your first day at your job and probably have not thought about since--and turning it in to your employer. The adjustment in how much you bring home on your paycheck will be evident within a month.

"If you or your spouse has recently lost a job, changing your withholdings might put some extra money in your pocket--especially if one of you has been withholding too much," suggests Tyson. "Just be sure that your withholding matches your tax liability. Adjusting your withholding just so you get more out of a paycheck isn't a good idea if you're not prepared to pay the bigger tax bill when your taxes come due next year."

Be a fast filer with e-filing. Too many of us get our W-2s just after the new year begins and hold on to them until we finally file a week or two into April. If you e-file by using a website or do-it-yourself taxes computer software, a refund can be direct-deposited "into your bank account in about 10 days," notes Tyson. "The flipside, of course, is that if you know you are going to have to write a check to the IRS, you might as well wait as long as possible to file, because you can hold on to the money just a little longer."

Keep an eye on the new stimulus package (and tax credits). "Just be sure that you spend it wisely," advises Tyson. "It's easy to look at these kinds of...