Those W-2 forms are flowing in and with an abundance of financial information sitting in front of you, we understand if you are confused. Let us help you figure out the basic tax changes and things you may not know for 2009. And let’s hope you can have it figured out by April 15th!
Did you buy a new car? Buying a new car in 2009 could qualify you for an extra tax credit. According to H&R block, "you can get a tax deduction for the state and local sales or excise tax. The deduction is for the tax on up to $49,500 of the cost of the vehicle."
Are you living in a new home?
Homebuyers that purchased a home between April 8, 2008 and May, 1 2010 may be able to receive up to $8,000 in refundable tax credit. Click here to read more information and see if you qualify.
Does being green get your more green? Do you qualify for the Nonbusiness Energy Credit? Well, if you purchased new energy-efficient windows or doors for your home you maybe able to claim up to $1,500. Click here to learn about this new credit.
What about being unemployed? A set amount of your unemployment compensation is not taxable from 2009. According to H&R block, “When filing your 2009 tax return, make sure you reduce your (and your spouse's if any) reported unemployment benefits by $2,400 (but not below $0).” Be sure to check with your local unemployment rep to see if you qualify.
Can you plug your car in? A new law has given drivers of electric cars a valuable credit. According to the IRS, “To qualify, vehicles must be newly purchased, have four or more wheels, have a gross vehicle weight rating of less than 14,000 pounds.” Contact your dealer for more information.
Copyright (2010) Saga Interactive, this station is not a tax professional. We are in no way responsible for errors or misfortunes on your tax return.
LAS VEGAS - JUNE 27: A general view of the atmosphere in the trophy room at the 37th Annual Daytime Entertainment Emmy Awards held at the Las Vegas Hilton on June 27, 2010 in Las Vegas, Nevada. (Photo by Frazer Harrison/Getty Images for ATI)
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