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Obama promotes tax breaks ahead of Tax Day

WASHINGTON — Just ahead of Tax Day, President Barack Obama is urging Americans to take advantage of tax credits for first-time homebuyers, college students and others.

Obama used his weekly radio and Internet address Saturday to promote some of the tax benefits in last year's stimulus bill, saying they could save people hundreds or even thousands of dollars and were available to more than 100 million Americans. Even those who file before the April 15 deadline can amend their returns if there are savings they missed, Obama noted.

Credits taxpayers may be eligible for include:

n Up to $8,000 for first-time homebuyers. The credit will be available through the end of April.

• Up to $2,500 for college expenses.

• Up to $1,500 for making energy-efficiency improvements to homes.

• For new vehicles purchased between Feb. 17-Dec. 31, 2009, the state and local taxes can be deducted.

• An expanded child tax credit providing $1,000 for each child under 17.

• The earned income tax credit now provides up to $5,657 to low-income families with at least three children.

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