To Itemize or Not -- Show Me the Deduction

4. Cash in on extension of Child Tax Credit

The Child Tax Credit was extended through 2010, enabling parents to continue to take a deduction of up to $1,000 per child. Additionally, for lower-income taxpayers, the credit could allow them to reduce their entire tax bill and still receive a refund.

Speed up your refund

The surest way to get your refund faster is to file electronically. According to the IRS, on average, e-filers get their refunds in half the time of regular filers. The IRS estimates more than half of the nation's 133 million taxpayers will file their 2004 taxes electronically this year -- up from 47 percent last year. In addition to getting your refund faster, e-filing is more accurate than paper filing. In fact, e-filers have a less than 1 percent error rate because the computer software automatically checks your math. Another advantage of e-filing is that you can have your refund deposited directly to your bank account.

Avoid refund anticipation loans

Refund anticipation loans may be a good deal for the tax prep company, but not for you. Remember, these are loans, meaning you will pay interest and probably several fees, so you should do the math before you take that loan. For example, assume you are due a refund of $1,200 and you go to a company that offers refund anticipation loans. You would likely pay a $29.95 fee for the loan, plus a $45 finance charge, plus a minimum fee of $50 for doing your taxes -- totaling $125 in fees at least, reducing your refund to $1,075. As such, you should think twice before jumping at the chance for this type of loan.

Mellody Hobson, president of Ariel Capital Management (arielmutualfunds.com) in Chicago, is "Good Morning America's" personal finance expert. Ariel associates Matthew Yale and Aimee Daley contributed to this report.