People should seek deductions, credits

Americans looking to reduce their federal income taxes this year will get help from several important tax law changes that have expanded credits and deductions.

Some of the tax benefits are related to investments, such as savings in Individual Retirement Accounts, said Bill Urban, a certified financial planner. Others are tied to spending, including new energy efficient home and vehicle tax credits, or to claiming charitable contributions.

Regardless, "these are available to all taxpayers, and people should make sure they take advantage of the ones they qualify for," said Urban, who is with the Bingham, Osborn & Scarborough LLC wealth management firm in San Francisco. read more...