Tax Preparation made quick and easy
CTEC Registered Tax Preparer
PO Box 74741
Phoenix, AZ 85087
ph: 623-258-0303
fax: 623-551-5071
alt: 623-551-5071
ana
Tax Highlights
Nobody needs to tell you that the economy is in a very bad place. We're all wondering when it will get better. We've heard about the "Economic Stimulus Package" and want to know what it will do for us as individuals. Here are just a few of the benefits:
- Taxpayers who buy a new passenger vehicle may be able to deduct the sales and excise taxes on their 2009 returns.
- Qualifying taxpayers purchasing a home before Dec. 1, 2009, may be eligible for up to $8,000 for a first-time homebuyer credit.
- The "Making Work Pay" tax credit provides about 95% of working families with a tax cut. Individuals earning up to $75,000 and married couples filing jointly and earning up to $150,000 will receive tax credits up to $400 (for individual filers) or $800 (for joint filers) in 2009 and 2010.
Top Year End Tax Savings Tips
Here are seven tips you can use to save money when tax time rolls around next year.
1. Donate to Charity - property, cash, clothing, household items, vehicles, stocks and even tax-free IRA money
2. Accelerate deductible expenses - pay your medical bills, property taxes or extra mortgage payments before December 31st
3. Defer income - ask to receive your bonus next year or if you are self-employed delay billing until close to the end of the year
4. Contribute the maximum to Retirement Accounts
5. Use the money in your Flexible Spending Accounts
Make sure you take advantage of every possible tax break, after all the more money you keep for yourself, the better. Take a minute to review these new tax tips and contact us for more.
Top New Tax Breaks
1. Private mortgage insurance (PMI) deduction - consult with your tax preparer to ensure that your PMI is eligible for this deduction
2. Home office deduction - if you use a portion of your home exclusively for your small business, consult with your tax preparer on how you can take this deduction
3. Home mortgage debt forgiveness - under the Mortgage Debt Forgiveness Act of 2007 homeowners who receive debt forgiveness on their primary residence, don't have to pay taxes on the forgiven amount if they meet certain requirements
For additional tips and suggestions please go to our "Contact us" page.
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CTEC Registered Tax Preparer
PO Box 74741
Phoenix, AZ 85087
ph: 623-258-0303
fax: 623-551-5071
alt: 623-551-5071
ana
