We strive to make complex tax issues simple. We understand the tax laws and how the tax laws affect you. That’s our job!
TAX CHANGES THAT MAY AFFECT YOU
New for 2009
- Nontaxable Unemployment Compensation (2009 only)
- First Time Home Buyers Credit (extended until June 30, 2010, also a new credit is available to long-time home owners)
- Refundable Tax Credits (making work pay, educational, first time home buyers)
- New Car Sales Tax Deduction (cars must be NEW, not previously owned)
- Energy Efficient Property Credits
- Educational Credits (American Opportunity Credit, now includes 4 years of college)
- Required Minimum Distributions for 2009 is suspended
- Kiddie Tax now expanded to age 24
- Dependent Claimed by a Non-Custodial Parent must have a signed form 8332
Still in Effect for 2009
- Mortgage Insurance (PMI)
- Tuition and Fees
- Hybrid & Alternative Powered Vehicle Tax Credits
School Teachers K-12
You can deduct up to $250 for out of pocket expenses for classroom supplies
Child Tax Credit
You may be entitled to a maximum of $1000 a child tax credit for each of your qualifying children under age 17
