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These are some of the 2009 tax changes. Give us a call for your individual tax planning needs.

 

$8,000 Tax Credit for First Time Homebuyers

The IRS announced Feb. 25 that for first-time homebuyers who purchase in 2009, the maximum credit is $8,000 and can be claimed on a buyer's 2008 federal tax return. If the home purchase closes after April 15, a taxpayer can still claim the credit on a 2008 tax return by requesting an extension of time to file or filing an amended return

First-time homebuyers who purchase a home in 2009 may obtain a maximum credit of $8,000 on their 2008 or 2009 tax returns. Even if the home purchase doesn't close until after April 15, credit can still be claimed on the 2008 return by requesting an extension or filing an amended return.

American Opportunity Tax Credit  (similar to the former "Hope Credit")

The Hope credit has been expanded and renamed the "American Opportunity Tax Credit". Maximum annual credit of $2,500 per student for the first 4 years of secondary education, instead of the previous $1,800 for the first 2 years.

Deduct Sales Taxes on a New Vehicle Purchase

Taxpayers may take a deduction for state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes, and motorcycles. Deduction available on new vehicles purchased from Feb. 17, 2009 through Dec 31, 2009. AGI limitations apply. Follow this link for further information.

 

 

Begin your year-end tax planning now! 

 Important Individual Tax Dates

April 15, 2010 - Individual tax returns or extensions must be filed on or before this date.

October 15, 2010 - All individual tax returns, Form 1040 must be filed on or before this date.

 

$6,500 Tax Credit for Non First Buyers

The IRS announced Nov. 24, an extension on the first-time homebuyer credit to April 30, 2010; Some current homeonwers now also qualify.

Homeowners that have owned a home for five consecutive years out of the last eight years now qualify for a tax credit of up to $6,500 if they purhcase another home after Nov. 6, 2009 and before May 1, 2010.