2009 IRS Tax changes - WALB.com, Albany News, Weather, Sports

2009 IRS Tax changes

Posted: Updated:

By Jim Wallace - bio | email

ALBANY, GA (WALB) –Tax crunch time is approaching. You have 18-days to file your income tax return.

You need to know about some important changes and new deductions this year.

Tax preparers are busy helping people find all the tax credits they are qualified for. Some are complex, but it can pay off for you if you review your tax situation.

Bo Williams & Associates Tax Services Manager Juanita Williams said "If a person is not able to itemize they still may be able to use their property taxes as a deduction. And also if they purchased a brand new vehicle after February 16th, they can still use the sales tax."

The IRS urges you to research before you file, to make sure you don't overlook benefits you might be entitled to such as the Residential Energy Property Credit for improvements like insulation or energy efficient appliances and the Home buyer Credit.

"Cash for Clunkers" money is not taxable.

Charitable contributions to Haitian relief efforts can be deducted this year.

College expenses can be deducted under the American Opportunity Tax credit.

The first $2400 of Unemployment compensation is tax free as are 65 percent of COBRA insurance premiums for nine months.

For more tax deductions, www.irs.gov

©2010 WALB News. All rights reserved.   Feedback