One of the benefits I’m looking forward to from our renovation project in 2009 (besides the obvious new space) is the tax benefits we should be able to enjoy. For example, when we installed new windows, we paid extra for the contractor to buy the super energy-efficient version so that we can take advantage of the Energy Incentives for Individuals in the American Recovery and Reinvestment Act. In plain English? We can take up to a $1,500 tax credit for energy-efficient changes we’ve made to our home.

This is just one of a number of tax credits available to Americans in 2009–many of which will not be available again in 2010, so says Harris Abrams, senior tax analyst from the Tax & Accounting business of Thomson Reuters. Here are 5 tax credits for which you might be eligible or tax tips for you to think about now:

1. Uncle Sam can help you buy a house. Through the end of November 2009, you can qualify for the maximum credit amount of up to $8,000 when you buy a new house.
2. Uncle Sam can help you buy a new car. Forget cash for clunkers. If you buy a new vehicle, including a light truck, SUV, motorcycle, or motor home, you can deduct state and local sales taxes paid on up to $49,500 of the purchase price, whether you itemize or not. You must buy the vehicle by December 31, 2009. (Those with higher incomes may not enjoy as much of a tax break, FYI.)
3. Uncle Sam can help you buy a computer for school. Many taxpayers have a college-savings plan through their state–known as a qualified tuition plan or a 529–and you’re supposed to use it to save for education expenses. Well, in 2009 and 2010 only, you can use funds from your qualified tuition plan to pay for computer technology and equipment, and Internet access and related services–and not just those that are required by a college. (This used to be the stipulation.) This new rule makes it much easier to use tax-free dollars to buy a new computer for any student in your family.
4. Uncle Sam can help you help others via charity. You can distribute up to $100,000 per year from your IRA directly to a qualified charity without paying any tax on the distribution. This exclusion is available if you are age 70 1/2 or older, but act quickly – this tax break is scheduled to expire at the end of 2009.
5. Uncle Sam can help small business owners. If you run a small business, you can elect to write off the cost of certain capital expenses when you make an acquisition, instead of recovering those costs over time through depreciation.

Have you taken advantage of any of these new tax credits in 2009, like I did with the energy-efficient improvements we made to our house?

P.S. Speaking of tax tips, the ABC affiliate in Los Angeles did a story on bartering, and one of the highlighted links that appears with that story is my post last spring about the tax implications of bartering. How cool is that!