Tax Breaks You Should Know About

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.

For Individuals:

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.

For Businesses:

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


Have questions? I’m here to help.

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