It s now pretty clear the economy won t be returning to good health this year. Until further notice, next year doesn t look so hot either. So let s revisit some tax-saving opportunities that are especially relevant between now and when the gloom lifts. I ve covered all these before, but now they re cataloged in one place right here.

Claim Breaks for Going Back to School
Improving your resume by going back to school will put you in a better position when the job market finally turns around (fingers crossed). Meanwhile, you can probably collect some tax breaks to help offset your expenses. The most valuable breaks are employer-paid education arrangements, the American Opportunity tax credit (worth up to $2,500 for each eligible student), and the Lifetime Learning tax credit (worth up to $2,000 per household). Other less-lucrative breaks can be helpful too. For details, see my three earlier stories.

One More Reason to Go Back to School

The Tax Perks of Going Back to School

More Tax Breaks for Your Education Expenses

Claim Breaks for Helping Struggling Relatives
If you ve been helping out a relative by providing a place to live, paying medical bills, and so forth, you may be entitled to some extra tax-saving write-offs on your Form 1040. These breaks are often overlooked because, frankly, many folks never needed to help out relatives the way they are now. Please take a look at two earlier articles to see if your good deeds makes you eligible for a $3,650 personal exemption deduction, favorable head of household filing status (which gives unmarried individuals lower tax rates and a bigger standard deduction), or a medical expense write-off (only available if you itemize).

Tax Breaks for Helping a Struggling Relative

Tax Breaks for Struggling Relatives (Part 2)

Deduct Job Search Expenses
You may be able to claim a tax-saving write-off for expenses incurred to look for a new job. You must be an itemizer to benefit, and no write-off is allowed if you re trying to switch occupations. If you have qualifying expenses, add them up and treat the total as a miscellaneous itemized deduction item on Schedule A of your Form 1040. For details, see my earlier article.

Deducting Job Hunting Expenses

Deduct Rental Property Losses
You may own a rental property that s losing money due to lower rents and higher vacancy, or you may have sold a property for a loss. Ouch! The good news is you may be eligible for tax savings that will help ease the pain. The rules for deducting investment real estate losses can be tricky, but I explained them in two earlier articles.

Tax Breaks for Money-Losing Rental Property Sales

Tax Rules for Losses on Rental Real Estate

Appeal Property Tax Assessment
Many property owners are getting hit with property taxes on inflated assessed values that are nowhere close to the current truth. Fortunately, it s often relatively easy to appeal an assessment, and doing so could save you hundreds, or maybe even thousands, of dollars each year. If you own a vacation home or rental property, the potential savings are that much greater. Last year, I appealed the valuation of my home and shaved $1,400 off the annual bill. So far, I ve already saved $2,800, with more to come in future years, from a process that only took a couple hours to complete. Based on my experience, which was quick and easy, you don t necessarily need to hire someone to put together an appeal. However, strict filing deadlines usually apply to appeals, so pay close attention to your next property tax assessment notice (it will probably state the deadline).

The New Property Tax Battle

The Last Word
If you qualify for any of the federal income tax breaks mentioned here, you can claim them when you file your 2010 Form 1040 early next year. If you discover that you overlooked one or more breaks on last year s return, you can request a tax refund by filing an amended 2009 return using Form 1040X.

Oops, I Screwed Up! How to File an Amended Return

As for your possibly overstated property tax bill, you ll have to wait for the next notice to do anything if the appeals deadline is history. Put it on your to-do list.