TAX TIPS - WHAT'S NEW
For Tax Year 2009
- Up to $400($800 If Married Filing Jointly)REFUNDABLE Credit if you have earned income from work.
- $250 REFUNDABLE CREDIT if you get a GOVERNMENT PENSION.
- UNEMPLOYMENT is NOT TAXABLE UP TO $2,400. Anything over that amount is TAXABLE.
- NEW CAR Purchased after Feburary 16, 2009 may be eligible for the State or Local Sales Tax DEDUCTION even if you are not ITEMIZING.
- EARNED INCOME CREDIT has increased for people with THREE(3)or more Children instead of just TWO(2)Children.
- FIRST-TIME HOMEBUYER CREDIT increases to $8,000 for homes bought after 2008 and before MAY 1, 2010. NO REPAYMENT IS REQUIRED.
- LONG TIME RESIDENT CREDIT of $6,500 is available if you were in your home for FIVE(5) Consecutive Years and you purchased a home after NOVEMBER 6, 2009 and before MAY 1, 2010. N0 REPAYMENT REQUIRED.
- STANDARD MILEAGE RATES are .55 Cents for BUSINESS Miles and .24 Cents for MEDICAL.
- NEW EDUCATION TAX CREDIT Expands previous HOPE CREDIT and allows for up to 40% of the Credit(up to $1,000)to be Refunded.
BONNIE ASKEW, TAX CONSULTANT / OWNER
1945 Washington Road Suite B
East Point, GA 30344
404-767-1717