Some Highlights
We as tax professionals have to take continued learning course to keep us updated on tax law changes. We will make sure you don't miss any new tax benefit you entitled to.
Tax law changes |
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It's hard for individual tax payer keep track of ever changing tax law every year. You don't know if you missed any new benefit or tax relief just go into effect in the last minutes. As a tax professional, we have to get updated to the latest tax code every year. So we know if you can take full advantage of new tax changes.
Let us prepare your taxes and save yourself from reading into all tax jargon IRS put out there and you can be ensured that you didn't miss any new tax break you entitled to.
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Here are some of the highlights of 2008's tax law changes. For full details and you tax DIYer and tax geeks, you can check out the IRS website about 2008 tax law changes .
Taxpayers who purchased a principal residence after April 8, 2008, through June 30, 2009, and who have not owned a principal residence in the previous 3 years may claim a refundable credit for 10% of the purchase price. The maximum credit is $7,500 ($3,750 MFS). Eligibility for the credit phases out for modified AGI between $75,000–$95,000 ($150,000–$170,000 MFJ). Note: The credit must be repaid in 15 equal installments starting in 2010. Repayment is accelerated if the home is sold or no longer used as a principal residence.
Non-itemizers may claim an additional standard deduction for state and local real property taxes paid for tax years 2008 and 2009. The maximum deduction is $500 ($1,000 MFJ).
The rebate that was paid in 2008 will be reconciled on the 2008 tax return. Taxpayers will receive any additional credit due, but don't need to repay any excess credit received.
The deduction for state and local sales taxes instead of state and local income taxes was extended through 2009.
The deduction for mortgage insurance premiums paid on a qualified residence has been extended through 2009.
The deduction for up to $4,000 of higher education expenses was extended through 2009.
The $250 Educator Expense Deduction was extended through 2009.
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