It's that time of year again and if you're anything like me you're probably trying to think of ways to increase your tax return or decrease the amount you owe.  Here are a few of my tips for saving money when doing your taxes.

1. Public Transit Credit

Did you buy a ticket to ride in 2010?  If so your monthly bus and/or train fare could be your ticket to an easy tax credit.

If your pass was for at least a 20 days in a 28 day period then you are eligible for this tax deduction.

2. Claim Your Student Loan Interest

Yes, having a student loan does have a minor silver lining - you can claim any interest charged!

3. Tuition Credit

If you're a recent grad (congrats!) you can claim your tuition fees!  While it may be tempting to do this now, you may choose to carry this credit forward into later years when you are making more money.  There is no time limit associated with tuition credits.

4. Childcare Expenses

If you send your child to daycare or have to hire a babysitter in order to work or attend school then you are eligible to claim your childcare expenses.

5. Children's Fitness Tax Credit

If your toddler, tween or infant was involved in sports or fitness activities this year you can claim up to $500 per child per year.  This includes swimming lessons for babies and dance class for your teen.

6. Child Tax Credit

You can claim $2,089 for each child under the age of 18 who lives with you.  This translates into a tax savings of $310 per child.

7. Working From Home

If you work from home more than 50% of the time, there are a large number of deductions that you can use.  For example, internet expenses, part of your heating and electricity, part of your home insurance, property taxes and more can all be deducted.

8. First-Time Home Buyers' Tax Credit

If you bought your first home in 2010 you may qualify for a non-refundable tax credit of up to $5,000 reducing your owed tax by $750. 

9. File Your Taxes on Time

If you owe and you file your taxes late, you will be charged a late filing penalty.

10. Pay Your Taxes on Time

If you owe at the end of it all be sure to pay on time.  If you don't pay by May 1, 2011 compound daily interest will be charged until you pay in full.