We still have a few months until federal taxes are due, but this is the time to start thinking about it.
Beginning in 2012, the Residential Energy Credit is scheduled to expire unless Congress extends it. If you want to get the credit, you have until the end of 2011 to buy a new furnace, hot water heater or to insulate your home. The credit has a limit of $500.
Another thing to be aware of, PMI (Private Mortgage Insurance) will also expire. This is the insurance that allows borrowers who don't have a lot of cash to get a home without making such a huge down payment.
One final thing, the American Opportunity Credit, revamped under the Obama Administration, could be cut depending on the outcome of next year's election. This credit reimburses people for college tuition up to $2,500.
