Filing taxes-its an annual pain in the patooty-whatever that is. However, this year, there are several changes that can benefit a lot of folks. So, for those who put things off like me, here are a few things not to miss-from Laura Sanders in this WSJ article. And for those of you who have already filed, scan these to make sure you didn’t miss them-if so, file an amended return-maybe you can get even more back from Uncle Sam!!!! I have linked to previous posts or the IRS about the individual items.
- The home buying credits-for first time buyers $8,500, and for non-first time buyers of $6,500. Make sure you apply if you are eligible.
- Energy saving appliances-many energy saving appliances come with a special deduction that can be used against 09 taxes.
- Making Work Pay tax credits-up to $800,-most are eligible-up to an income of $190,000
- If you are your husband was unemployed, the first $2400 in unemployment benefits is tax free
- New car purchases sales tax is deductible if you bought a new car last year.
- American Opportunity Tax credits are available to many who had a child in college.
- And if you are not itemizing-an extra $1000 in property tax credit is available for 09.
- Health Savings Accounts-amount deposited can be deducted for last year, even through April 15, this year-if you have an eligible High Deductible Health Insurance. A great tax free way to build money for health expenses-and can be used for college in some instances.
Taxes:the consensus is that taxes will be going up for most Americans in the next few years. Our country will try to drag itself out of the morass of the huge deficits, caused by our over-spending leaders.
Let’s all hope, someone figures out a way to do it, and still maintain our quality of life.
If you have any tax concerns or questions-make sure you let me know-I happen to have several CPA’s in the family. They aren’t shy about asking me medical questions-so I really enjoy it when I can return the favor and pump them for tax info.
However, this time of year, they have no sense of humor. They are like our ER nurses during our annual Bike Fest-they are swamped with business, and are just keeping their head down-trying to get by- till April 15th.
And for a few Yakezie Personal Finance posts on Taxes: This from Personal Finance Ninja, a Turbo Tax Giveaway! So if you haven’t filed, and need a software assist-check out the contest!
My Money Minute also gives a few pointers, some covered above, about tax day!
And from Deliver Away Debt-this post is about making sure your tax with-holdings are done correctly.
And 5 tax mistakes by Jason @ Redeeming Riches-IRS mistakes can haunt you forever, so be careful.
And this review of Turbo-Tax from Free From Broke.
Tags: changes in tax code, energy savings tax credit, filing taxes, list of tax changes, tax changes
Thanks for the mention Dr. Dean!
No problem Jason, thanks for stopping by.
There are lots of little tax breaks, you just have to know about them and understand them.
Thanks for the mention!
Looks like the tax code won’t get any simpler, any time soon, huh!