Any new tax deductions for 2009? Any deductions for large dental bills?

You can deduce any medical or dental bills in excess of 7.5% of your adjusted gross income. For instance, if your adjusted gross income was $30,000, you can deduct any amount over $2,250 (i.e. 30,000 x 0.075).

For a more comprehensive list of new or provisional deductions and their requirements, please see the sources, but here's some of the more universally applicable ones: -Up to $2,400 of unemployment compensation is excluded -Whether you itemize or claim standard deductions, you can deduct: +sales/excise tax on new vehicles +up to $500 of state and local property taxes +up to $4,000 qualified tuition and related expenses +up to $8,000 first-time homebuyer credit -up to $2,500 per qualified student in their first 4 years of college.

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