2009 Tax Tips

Take advantage of these tax changes for 2009

Make sure you take advantage of these changes for 2009:

New Car Purchase: If you bought a new vehicle between Feb. 16, 2009 and Jan. 1, 2010, you can deduct the sales and excise taxes imposed on the first $49,500 of the purchase price.

First Time Homebuyer Credit: The American Recovery and Reinvestment Act of 2009 increased the First-Time Homebuyer Credit to $8,000 from $7,500 for home purchases made in 2009.  In addition, current homeowners who bought a new home after November 7th can qualify for a $6,500 credit.

Making Work Pay Benefit: You may have reduced your federal income tax withholdings last year to take advantage of the Making Work Pay benefit if you make less than $95,000 ($190,000 filing jointly). But in order for the credit to be applied, you’ve still got to claim the credit on your tax return this year.

Resources:
Small Business and Self-Employed Tax Center and Tax Center for Individuals
Get the latest information on changing tax codes whether you’re a small business owner or an individual.

Federal Tax Estimator
Determine your tax liability or use calculators to make sense of your entire financial picture.

Electronic Federal Tax Payment System
This free service from the U.S. Department of the Treasury will expedite your payment (or refund) by letting you file your taxes electronically.

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