New for 2009

HOPE Education Credit Expanded

The HOPE education credit has been expanded for 2009 and 2010 and has been renamed the American Opportunity credit. The credit now is up to $2,500 and includes amounts spent bor books and supplies. It also now covers up to 4 years of expenses.

More detail from IRS website.


This video provides more information on the American Opportunity Credit and computer expenses for 529 College Savings Plans.

Residential Energy Credits expanded for 2009

Non business Energy Property Credit

This credit equals 30 percent of what a homeowner spends on eligible energy-saving improvements, up to a maximum tax credit of $1,500

More information on these two credits from IRS

Residential Energy Efficient Property Credit

There was a second tax credit, the designed to spur investment in alternative energy equipment such as Solar electric systems.