MAKE THAT APPOINTMENT!
Remember, appointment time is limited! The earlier you drop off or mail your information in, the quicker we can get it back to you.
If you prefer an appointment, please call as soon as possible!
586-752-6000
WHAT'S NEW?
TWO NEW SCHEDULES!
Schedule L -
If you don’t itemize your deductions but you pay real estate taxes or you purchased a new car, you may be able to increase your standard deduction.
“Schedule L” has been added for an adjustment to income for sales tax paid on new cars and up to $1000 of real estate taxes paid. Limitations may apply.
- ASK US!
Schedule M -
Making Work Pay Credit!
Remember earlier in 2009 when your paycheck went up because of less Federal Withholding Tax? Schedule M provides a working tax credit to help offset your tax liability, up to $800 for Married Filing Jointly.
- ASK US!
ENERGY CREDITS HAVE BEEN EXTENDED
A non-refundable energy credit of up to $1,500 is available for certain energy saving improvements on your personal residence.
The credit is limited to a total of $1,500 for 2009 and 2010.
Other residential energy credits are available for solar water heating, small wind energy, and solar electric property.
- ASK US!
FIRST-TIME HOMEBUYER CREDIT
There are three legislations regarding tax credits for new home purchases with refundable credits of up to $8,000.
If ANYONE has purchased a new home, please ask us.
One of the credits is not just for “first time” purchasers.
AMERICAN OPPORTUNITY TAX CREDIT
Formerly the “Hope” educational credit but modified for increased limits and expansion of the definition of eligible expenses.
More taxpayers will qualify than with the Hope credit.
- ASK US!
PAYMENT FOR YOUR TAX RETURN IS DUE UPON COMPLETION OF THE RETURN!!!!!!
FYI: A Few Facts & Figures
Mileage Rates:
Business
Charitable
Medical
Moving
|
2009
55.0
14.0
24.0
24.0
|
2010
50.0
14.0
16.5
16.5
|
Child Tax Credit
(subject to income limitations)
|
|
|
$1,000
|
$1,000
|
|
Exemptions & Deductions
2008
|
2009
|
2010
|
Personal Exemptions
|
$3,500
|
$3,650
|
$3,650
|
Standard Deductions (MFJ)
|
$10,900
|
$11,400
|
$11,400
|
Standard Deductions (SNGL)
|
$5,450
|
$5,700
|
$5,700
|
Standard Deductions (HOH)
|
$8,000
|
$8,350
|
$8,400
|
Standard Deductions (MPS)
|
$5,450
|
$5,700
|
$5,700
|
|
