Every year new tax credits, rebates and deductions pop up. This year was no different. Certified Public Accountant Monica Rebella explains a few changes you should know:

Homebuyer's Tax Credit: If you bought or will have bought your home in the current year (January 1, 2009 - November 30, 2009), then you can claim the $8,000 homebuyer's tax credit on next year's taxes as a dollar-for-dollar credit. The 2008 homebuyer's credit, however, was not a pure credit. "If you bought your home before this year and took advantage of the $7,500 credit, that is taxable," says Rebella. Claimants will have to start repaying the credit in 2010 at $500/year.

Making Work Pay: You may have noticed a bump in your monthly earnings this year. That's due to the Making Work Pay credit which has automatically processed the credit for most employees. Rebella explains the extra cash may not last long for some. "If you're a married couple and if your income is more than $150,000, you're going to pay that credit back." For single filers, the credit is phased out for those making more than $75,000.

Cash for Clunkers: Although the Cash for Clunkers $3,500 to $4,500 voucher was not federally taxable, whether or not you have had to pay a sales tax on that amount depends on the laws of your respective state. Either way, the feds are going to give you a break. State, local and excise taxes on new car purchases are deductible through the end of the year for certain buyers.

Energy Efficiency Credit: Although there is no direct consequence of this tax credit of up to $1,500, Rebella insists that people be careful about their spending as some energy efficient improvements can be very costly.

– Monica Rebella is a Certified Public Accountant with Rebella Accountancy in California.