In the first, second, and third parts of this series, Time to Find Tax Breaks . . . (Part I), Time to Find Tax Breaks . . . (Part II) and Time to Find Tax Breaks . . . (Part III), I discussed using a business entity to achieve tax breaks, looked at tax breaks available to employees through their benefits, and then looked at tax free savings and investment vehicles, as well as tax deferred or tax free accounts.  Now, here is a look at some tax deductions and credits:

• Standard Deduction-- Taxpayers can take a standard deduction (a fixed amount that reduces taxable income) or they can choose to itemize their deductions. Be aware that the standard deduction amount changes each year and depends upon the filer's filing status, age, and whether they are blind
• Additional Standard Deduction Amount for Property Taxes-- The Housing Assistance Tax Act of 2008 permits homeowners to claim an additional standard deduction for property tax if the taxpayer doesn't itemize their deductions. The additional amount is limited to $500 or $1,000 for joint filers

• Home Mortgage Interest Tax Deduction-- Residental mortgage interest is a tax-deductible expense
• First-Time Homebuyer Tax Credit-- A tax credit of up to $7,500 for a primary residence purchase. The credit is for first-time homebuyers purchasing a primary residence any time after April 9, 2008, but before July 1, 2009
• Energy Tax Credits-- Tax credits are available to taxpayers who are also homeowners and purchase energy-efficient equipment
• Moving Expenses-- If you moved to start a new job, or to seek emplotment in a new city, you may be able to deduct the cost of your moving related expenses from your income

• Child Tax Credit-- You may qualify for the Child Tax Credit, if you have minor children 
• Adoption Tax Credit-- If you adopted a child during the tax year, you may qualify for the adoption tax credit for expenses relating to the adoption
• Child Care Tax Credit & Dependent Care Expenses-- Will reduce your taxes with a tax credit for expenses relating to day care and child care services
• Credit for the Elderly or Disabled-- If you are age 65 or older, or if you are disabled, you can reduce your taxes with a tax credit

• Tax Deduction for Charity Donations-- Donations of cash and property to qualified non-profits are tax deductible. Taxpayers must keep records of their contributions, especially of any gifts over $250, to be deductible. For non-cash contributions to charity, taxpayers must keep records indicating the value and condition of the property donated

• Car and Truck Expenses-- Incurred for business, medical, or charitable trips are tax-deductible

• Education Credits-- You can reduce your taxes by claiming a tax credit for expenses related to education 
• Classroom Expenses Deduction-- Teachers who paid for their own classroom supplies and other materials, can claim those expenses