Greetings from the Shack!
2009 has been a bit of a rough year for many of us! So now it’s time to start thinking about taxes and what things may benefit you this season.
Some information that will/may affect your tax return:
- Increased Standard Deduction
- Personal exemption increased to $3650
- Income limits for Earned Income Credit increased
- Standard Mileage rates went up:
business miles 55 cents per mile
charitable miles 14 cents a mile
medical miles 24 cents a mile
Credits that may help you this tax season (for more information on these and other credits, please contact us or see our web site at http://www.taxshackllc.com):
First-time homebuyer credit: This credit has been increased to as much as $8000 for homes bought after 2008 and before May 1, 2010. If you already own a home, you can still claim this credit! You have to have owned and lived in the same home for the last 5 years and you can only claim up to $6500 of the credit.
Making Work Pay Credit/Government Retiree Credit: You may be eligible for a $400 Making Work Pay credit or a $250 Government Retiree Credit. Even if your federal withholding was adjusted during the year, a Schedule M must be completed and filed with your return in order to take advantage of these credits.
Residential energy credits: You may be eligible to take a credit of 30% of the costs paid for qualified energy efficiency improvements up to $1500 for 2009 and 2010. The improvements must be new and expected to be used at least 5 years. Contact us directly or see our web site to find out what improvements/energy efficient property qualifies.
Unemployment Benefits: If you received unemployment benefits during 2009, the first $2400 in benefits paid to you can be excluded from taxable income under the American Recovery and Reinvestment Act.
The Tax Shack is making an effort to cut down on its paper waste. Therefore, if you would like the checklists for employee expenses, self-employed persons, rental properties, farms, daycares, or merchant seamen, please contact us directly to mail them to you or find them on our web site at TAX SHACK TIPS & TOOLS
Our office hours beginning January 4th will be Monday-Friday 9:00am to 6:00pm and Saturday 10:00am to 4:00pm. Thank you for your continued patronage and we look forward to seeing you all again over the coming months!
Tara, John, Kathy, and Brandy
The Tax Shack, Inc. Privacy Policy:
We do not disclose any non-public information about our customers or former customers to anyone, except as instructed to do so by such customers or as required by law. We restrict access to non-public, personal information to those professionals necessary to complete your tax return or resolve your tax problems. We maintain physical, electronic, and procedural safeguards to guard your non-public, personal information.
Every year the Tax Shack Inc. sends a newsletter to its loyal clients. This letter contains the latest changes that could affect your taxes, as well as gives an update on how the business is doing. If you would like a newsletter mailed to you and you are not a client, then just send us an email with your name and address. Contact Us
If you would like to have the newsletter emailed to you every year as well as receive emails on other tax news and tips, then please subscribe to our electronic newsletter below. You must at least fill out your last name, first name, and e-mail address to subscribe. Thank you!