NEW YORK (CNNMoney) — Your paycheck will either shrink by a few dollars or grow by nearly $40 per week in 2011, thanks to the tax compromise lawmakers passed earlier this month.

Slated to take effect in the first few weeks of 2011, a central component of the tax package included dropping the amount individuals paid in social security taxes from 6.2% to 4.2%.

An odd scene has been playing out lately in the offices of mortgage brokers and bankers around the country.

Mortgage rates have sunk to levels not seen in more than a half-century — a seductive 4.58 percent for an average 30-year fixed loan. Yet brokers and lenders report not a flood but a trickle of customers.

So what’s going on?

Call it a tale of the haves and have-nots.

NEW YORK (CNNMoney.com) — The House of Representatives voted Tuesday to give first-time homebuyers three more months to close on their purchases and land an $8,000 federal income tax credit.

But the Senate had better act fast – the deadline is currently Wednesday.

The bill doesn’t help anyone currently shopping for a home. Buyers must have signed a contact by April 30 to qualify for the tax break. At issue is when the deal must be finalized.

NEW YORK (CNNMoney.com) — Tax season is upon us. And while nobody likes shelling out their hard-earned dollars to the IRS, this year the government is offering up some new opportunities that could save you big money.

As part of the American Recovery and Reinvestment Act, or stimulus bill, Congress introduced several new tax goodies that could help millions of Americans save — as long as they know to claim them.

“The purpose of these credits is to give back the maximum amount of money to taxpayers so that Americans spend a little more and help the economy,” said Jerry Morphis, CPA and owner of Accutax & Accounting, “but the new credits are not common knowledge.”

WASHINGTON – While President Barack Obama is proposing to cut some taxes for companies that hire workers, his budget would raise a host of other taxes on businesses and wealthy individuals.

The budget proposal released Monday would extend Obama’s signature Making Work Pay tax credit — $400 for individuals, $800 for a couple filing jointly — through 2011. But it would also impose nearly $1 trillion in higher taxes on couples making more than $250,000 and individuals making more than $200,000 by not renewing tax cuts enacted under former President George W. Bush.

Through deductions, American wage earners have the chance to pocket more income rather than hand over their hard-earned cash to the government.

For those who keep good records, deductions can mean more money — and less for the IRS.

You probably know the most common deductions, such as deductions for property taxes and charitable donations, but there are many deductions you might be overlooking.