SOMERVILLE, NJ - What’s New In Taxes for 2009? Oh, Boy. A Lot. Thank goodness You Got People.

What’s New In Taxes for 2009? Oh, Boy. A Lot. Thank goodness You Got People.

There was a lot of new stuff in the Tax Laws for 2008. The New Economic stimulus payment. The Recovery rebate credit. The First-time homebuyer credit. An additional standard deduction for real estate taxes and net disaster loss. TWO changes to the standard mileage rates!

Fortunately, you’re not going to need to learn all of the changes for 2009. Why? Because You Got People. CONTACT THEM AT:

SOMERSET COUNTY AREA H&R BLOCK OFFICES
Open Year Round

50 DIVISION ST
SUITE 101
SOMERVILLE, NJ 08876
Phone: 908-725-1122

Edison, NJ
Near BJ's on Route 1
1114 RTE 1 N
EDISON, NJ 08817
Phone: 732-767-0571


Nevertheless, here’s some of what's NEW for 2009:

This section summarizes the important changes that take effect in 2009 that could affect your estimated tax payments for 2009. More information on these and other changes can be found in Publication 553.

IRA income limits. You may be able to take an IRA deduction if you were covered by a retirement plan and your 2009 modified adjusted gross income is less than $65,000.

Alternative minimum tax (AMT) exemption amount decreased. The AMT exemption amount will decrease to $33,750 ($45,000 if married filing jointly or a qualifying widow(er); $22,500 if married filing separately).

The definition of a “Qualifying Child” changed: For starters, your qualifying child must be younger than you and a child cannot be your qualifying child if he or she files a joint return.

Personal casualty and theft loss limit. Generally, a personal casualty or theft loss must exceed $500 to be allowed for 2009.

What’s New In Taxes for 2009? Oh, Boy. A Lot. Thank goodness You Got People.

SOMERSET COUNTY AREA H&R BLOCK OFFICES
Open Year Round

50 DIVISION ST
SUITE 101
SOMERVILLE, NJ 08876
Phone: 908-725-1122

Edison, NJ
Near BJ's on Route 1
1114 RTE 1 N
EDISON, NJ 08817
Phone: 732-767-0571