| Every year the IRS changes the tax laws. Some of | | | | can mean thousands of dollars of deductions which |
| these changes are simply to account for inflation. | | | | could reduce your tax bill by hundreds of dollars. |
| Some of these changes are caused by new laws and | | | | The best new tax law for 2009 is probably the first |
| usually last for more than one year. Some of these | | | | time home buyers credit. If you bought a home for the |
| changes are caused by current conditions and usually | | | | first time in 2009, you may be able to get a tax credit |
| only apply to certain groups of people and only for a | | | | of 10% of the purchase price of your home up to |
| specific period of time. This last group of changes can | | | | $8000. There is also a clause for repeat home buyers |
| help you out a lot if you qualify. | | | | that most people don't know about. Repeat home |
| As we all know, the US and global economy has been | | | | buyers may be able to get a credit of up to $6500. |
| struggling. Unemployment rates are high and | | | | All of these tax credits will require you to fill out an |
| businesses are failing at an alarming rate. There are | | | | extra form, but for hundreds or even thousands of |
| several new tax laws for 2009 that are designed to | | | | dollars it is definitely worth it. You need to make sure |
| help the economy by rewarding people for spending | | | | you follow all the rules though. The best way to make |
| money. | | | | sure you follow the rules is to hire a professional or |
| If you made major purchases in 2009, you may be | | | | use tax software. |
| able to deduct the amount you spent from your | | | | I like tax software because the program will walk you |
| income or take a tax credit. If you bought appliances, | | | | through everything and then generate all the forms |
| windows, or even roofing that meets Energy Star | | | | automatically. You can do your taxes when you want |
| standards, you may be able to get a tax credit of up | | | | and not have to make an appointment. On top of that |
| to $1500. | | | | it is much cheaper than a tax professional and for |
| If you purchased a new vehicle in 2009, you may be | | | | most people gets you the same results. |
| able to deduct the taxes you paid on the vehicle. This | | | | |