Yesterday I hosted a guest article about the mortagage-interest tax deduction. As part of his argument that this tax break should not be used to justify buying a house, CJ from Wise Money Matters looked at the savings by tax brackets. What CJ did not consider (and what escaped my notice, and even that of my accountant) was the concept of marginal tax rates.

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If you purchased a house after April 9, 2008 you might be eligible for a tax credit of up to $7,500 on your 2008 federal tax return. But like all things tax, there are rules and so-called “catches”.

2008 was a tough year on your wallet every which way, so the last thing you want to do is pay more than absolutely necessary on your income tax return. Whether you're a freelancer, side business owner, or regular old W-2er, check out three ways you can save a few extra bucks out of the financial trauma that is tax season. (That said, remember: I'm no tax accountant, so you should consult yours for specific answers about your situation.)

Our new President, the House and Senate have a busy year in store for 2009. Among the many issues on the docket is the Estate Tax. Scheduled to sunset in a few short years, important decisions must be made. Here are the basics about our current system:

Unlike income tax deductions, which reduce your taxes by reducing your taxable income, tax credits offer a straight up, dollar-for-dollar reduction of your tax bill. In other words, a $500 tax credit will reduce your tax bill by $500. In contrast, a $500 tax deduction will reduce your tax bill by anywhere from $50-$175 (depending on your income tax rate). Better still, many tax credit are “refundable,” which means that you can take advantage of them even if you don’t owe any taxes.

If you want to get your 2008 taxes in early and get your refund quickly, here are Schnepper's Seven Strategies to getting those dollars in your pockets ASAP. Here's what you have to do:

In these lean times, there's one move that's always smart--preserve your cash by making sure your business gets every tax deduction possible. It's not always easy to keep track of all the deductions you might qualify for because our tax code keeps changing. Recently, the IRS released a list of 11 important changes that affect business tax returns for 2008. A few key changes:

A long-term care insurance policy provides a daily allowance for the care of an individual who is no longer able to care for herself. The daily allowance is intended to cover the costs of nursing home care, nurses, aides and similar expenses. These policies became popular in the 1990s.

Tax time can be especially stressful for freelancers: despite paying estimated tax payments throughout the year, it’s rare that a freelancer doesn’t still have to come up with some money for April 15 — or come up with a long enough list of deductions. There are quite a few deductions available to freelancers that may not seem obvious when you first sit down with all those 1099s and receipts.