Well, a new year has begun!! Let’s hope that 2009 is the best year yet.

We have some new tax laws and deductions for the 2008 and 2009 year:

There is a first time home buyers credit for homes purchased between April 9, 2008 and June 30, 2009. The credit is 10% of the price of the home to a maximum of $7,500. This will be given in either 2008 or 2009 whichever year the home is actually purchased. A first time home buyer is someone who has not owned a home for the last three years or someone who is not married to a home owner.

If you do not itemize your return but do own your home, you will be allowed a real estate deduction for an amount equal to your real estates taxes up to a maximum of $500 for single filers and up to $1,000 for joint filers. This is in addition to the standard deduction.

 
This information is provided in an effort to help you gather and organize the information necessary to file your individual or small business income tax return. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in your decision making process.