Think Taxes Now!


Thursday, July 23rd 2009, 9:54 am
By: News 9


Hey there..Everyone

Every year.. I promise myself I am going to sstart shopping early for Christmas.  I am trying to convice myself that I can do that now even though it is July.  ( I saw Christmas Trees up the other day... and about fell over) lol

And while Christmas is important... something else you might want to start thinking about now.. next year"s taxes.. and specifically taking advantage of some great tax incentives.

The details are here at www.irs.gov  but I thought I could get you a couple of the big ones to think about.

The recovery law provides tax incentives for first-time homebuyers, people purchasing new cars, those interested in making their homes more energy efficient and parents and students paying for college.

First Time Home Buyer Credit : Taxpayers who didn't own a principal residence during the past three years and purchase a home this year before Dec. 1 can receive a credit of up to $8,000 on either an original or amended 2008 tax return, or a 2009 return.

Buy a New Car: The time is after Feb. 16, 2009, and before Jan. 1, 2010.

Qualifying taxpayers can deduct the state and local sales and excise taxes paid on the purchase of new cars, light trucks, motor homes and motorcycles. There is no limit on the number of vehicles that may be purchased, and you may claim the deduction for taxes paid on multiple purchases.

ENERGY HOMES: The Recovery Act also encourages homeowners to make their homes more energy efficient. The credit for nonbusiness energy property is increased for homeowners who make qualified energy-efficient improvements to existing homes. .

COLLEGE BREAK: The American opportunity credit is designed to help parents and students pay part of the cost of the first four years of college. The new credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. Tuition, related fees, books and other required course materials generally qualify. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

 

Take advantage of the great incentives....

Have a Blessed Day..

Robin