Below is a summary of some of the key tax provisions that may apply to your 2009 tax return. Prepared by my friends at Briggs Veselka, a CPA firm located in Houston, details are presented in an explanatory chart by clicking on the link that follows.
1. 1st time home buyer credit – Get up to $8,000 back on the purchase of your first home
2. Subsequent home buyer credit – Get up to $6,500 back on a subsequent home
3. College Credit – Get up to $2,500 back on college costs
4. Energy credits Get up to $4,000 back when you go green
5. Individual Deductions – 2009 was the last year for certain deductions
6. IRA Minimum Distribution Requirement – MDRs were waived for 2009
7. IRA Distributions to Charity – In 2009, you could make your donations directly out of your IRA
8. Cobra Insurance – Laid off employees only pay 35% of premiums for 15 months.
1. Increased Sec 179 Exp – In 2009, businesses could write off up to $250,000 of depreciable property
2. Bonus Depreciation – In 2009, businesses could write off up to 50% of new depreciable property
3. Work Opportunity Credit – Businesses can still get up to $2,400 back on certain employees