The year-end Holiday season is nearly here. In review of the best tax break options available for the 2009-tax year, have you begun 2009 tax preparations?
Why not give yourself a present by starting plans early to save $100s to $1,000s of dollars in tax breaks due to a few soon to expire tax deductions and credits. Take advantage of these deductions in 2009, as they may not be available in subsequent years.
The first is a break on unemployment benefit income. It appears that for all formerly employed workers there is a tax deduction around $2,400 for benefits received this year. For the single individual that is a nice Christmas present. This tax benefit can also apply to married couples. With each spouse receiving up to a $2,400 tax deduction! Yeah!
Similarly for those that were laid off in 2009 there is a health care insurance benefit. An extension to health benefits from COBRA can help protect your family for several months until you find a new job. There is a monthly fee to receive these benefits. However compared to having no coverage for your family; it is worth it to check this one out.
If you have purchased a car during the big Chrysler and GM auto incentive promotions at the start of the year, this deductible may be available. Most new motor vehicles of all makes and model cars, trucks, and recreational vehicles sold by automakers during and after the 1st quarter of 2009 qualify. This one is based on taxes and fees paid during the purchase.
For new homebuyers that took advantage of the lower mortgage prices, there are several thousands of dollars in tax credits available. The first time homebuyer has to make that purchase before December for this $8,000 break. For new investors looking for an opportunity or trying to decide if they should make a purchase, this break is a fairly good incentive. Once you own the property additional credits are available as a homeowner. Some include mortgage interest and residential energy credits, for example.
Along the same lines consider the reductions accessible for real estate. For individual filers real estate tax deductions are about $500 and twice that for couples.
Before the end of 2009 arrives, is the time to start checking into those personal 2009 tax breaks and make preparations. There are a number of business tax savings to consider as well.
Always check with your individual tax consultant before putting your tax saving plans in motion.
Why not give yourself a present by starting plans early to save $100s to $1,000s of dollars in tax breaks due to a few soon to expire tax deductions and credits. Take advantage of these deductions in 2009, as they may not be available in subsequent years.
The first is a break on unemployment benefit income. It appears that for all formerly employed workers there is a tax deduction around $2,400 for benefits received this year. For the single individual that is a nice Christmas present. This tax benefit can also apply to married couples. With each spouse receiving up to a $2,400 tax deduction! Yeah!
Similarly for those that were laid off in 2009 there is a health care insurance benefit. An extension to health benefits from COBRA can help protect your family for several months until you find a new job. There is a monthly fee to receive these benefits. However compared to having no coverage for your family; it is worth it to check this one out.
If you have purchased a car during the big Chrysler and GM auto incentive promotions at the start of the year, this deductible may be available. Most new motor vehicles of all makes and model cars, trucks, and recreational vehicles sold by automakers during and after the 1st quarter of 2009 qualify. This one is based on taxes and fees paid during the purchase.
For new homebuyers that took advantage of the lower mortgage prices, there are several thousands of dollars in tax credits available. The first time homebuyer has to make that purchase before December for this $8,000 break. For new investors looking for an opportunity or trying to decide if they should make a purchase, this break is a fairly good incentive. Once you own the property additional credits are available as a homeowner. Some include mortgage interest and residential energy credits, for example.
Along the same lines consider the reductions accessible for real estate. For individual filers real estate tax deductions are about $500 and twice that for couples.
Before the end of 2009 arrives, is the time to start checking into those personal 2009 tax breaks and make preparations. There are a number of business tax savings to consider as well.
Always check with your individual tax consultant before putting your tax saving plans in motion.
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