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Posts under ‘2009 tax year’

Real Estate Tax Standard Deduction Increase to Expire After 2010

Yet another taxpayer-friendly provision in the tax code that will be expiring at the end of 2010 is the increase in standard deduction for real estate taxes paid.  (If you’ve been following these posts, you’ll realize that this is another “stealth increase” in taxes, beginning in 2011.) In today’s tax law and until you’ve paid [...]

Open a Roth IRA for Your Child

Here’s a very good idea to consider – if you have a teenager who has a part-time job, rather than putting those earnings solely into a savings account (or worse, a car), open a Roth IRA.  The money contributed to this account will mostly be tax free, since the first $5,700 (2009 figures) of earned [...]

IRS Updates Info on First-Time Homebuyer Credit Expansion

The following information was released by the IRS on 11/25/2009 as Tax Tip 2009-13: If you are in the market for a new home, you may still be able to claim the First-Time Homebuyer Credit. Congress recently passed The Worker, Homeownership and Business Assistance Act Of 2009, extending the First-Time Homebuyer Credit and expanding who [...]

Last Chance for Charitable Contributions from Your IRA

There is a provision expiring at the end of 2009 for folks over age 70½ who wish to make contributions to their favorite charities from their IRAs.  This provision allows you to make the contribution directly from your IRA, so that the income never shows up on your tax return at all. Why does this [...]

Adoption Tax Credit to Expire at the End of 2010

Yet another of the coming tax increases you’ve got to be aware of is the elimination of the Adoption Tax credit.  This credit came about originally as a part of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA 2001) and was expanded with the Jobs and Growth Tax Relief Reconciliation Act of [...]

Flash again! Homebuyer’s Credit Expanded to Non-first timers…

In an update to the update, I wanted to pass this along:  part of the bill passed last week which extended the first-time homebuyer’s credit through June of 2010, ALSO expanded the types of homebuyers to include “long-term residents of the same principal residence”. This “long-term resident” is defined as a homeowner who has owned [...]

Flash! Extension for First-Time Homebuyer’s Credit

I wrote about this credit’s expiration some time ago, (you can see this post for the original article) – and as anticipated, this past week Congress has opted to stretch out the expiration date for 7 months, through June 30, 2010.  Briefly, this credit provides up to $8,000 in credit for first-time homebuyers who have [...]

Don’t Forget Social Security in Your Roth IRA Conversion Strategy

With the coming change to the Roth IRA conversion rules, there is lots of focus on the decisions you face when considering a conversion.  One area that often gets short shrift is the future impact on Social Security benefits taxation. Understandably, this hasn’t really hit the radar for next years’ conversion topics, because this is [...]

Sales Tax Deduction Expires This Year

For the past several years, it has been an option for taxpayers that itemize their deductions to choose between deducting state income tax or a formulaic estimate of their state and local sales tax, plus the specific sales taxes on any “big ticket” items, such as automobiles. During 2009, there was a new wrinkle added, [...]

Expiring Tax Provisions From ARRA 2009

Earlier this year, the American Recovery and Reinvestment Act (ARRA 2009) was passed, and it contained quite a few tax incentives that were only good for this year.  Since we’re coming down to the last three months of the year, I thought it would be appropriate to highlight those provisions that will be expiring this [...]

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