The 2012 tax season is a few months away, but it doesn't mean that you shouldn't start planning now. Tax deductions can change each year, and 2012 is going to be no exception. If you are smart, you will take the time to consider your situation now so that you can be ready for a stress free tax return experience.

Parents Get Some Relief

For those who need to bring their children to daycare, a credit of up to 35 percent of all expenses up to 3,000 dollars exists for those who have children under 16. Adoptive parents also have the ability to take a reduction in their taxes. Up to 12,170 dollars can be taken off of your taxable income. Parents can also qualify for a 1,000 deduction for each dependent minor child that they have. 

Go Green, Get Green

It pays this year to live green and to look into getting solar or wind power. Installing wind power or a solar heating system can qualify a tax payer for a 30 percent deduction of the cost of running these alternate energy sources. The deadline for qualifying for a tax credit is December 31st, 2016.

A 500 dollar credit can be claimed for home improvements such as new insulation, central air, energy efficient windows and other home improvements. The only caveat is that the credit cannot be claimed if it was claimed in either 2010, or 2009. 

Students Can Write Off Loan Interest

College students are eligible for up to a 4,000 dollar reduction off tuition and fees as a reduction in taxable income. Student loan interest and other contributions can also be deducted from your taxes separate from tuition and fees. That means a college student, or anyone paying for college, could save up to 11,000 dollars off their taxes because of going to school.

Remember that to claim these deductions you must not be claimed by anyone else. On top of these special credits and deductions, there is the standard deduction of 5,800 dollars and a personal exemption of 3,800 dollars for the 2011 tax year. Mortgage interest can also be deducted if you qualify, but check with a tax professional if you have any specific questions about your return.