Tax Information You Should Know 2009
Posted In: Special Features
written for Countyline publication and printed in Wisconsin and Illinois Biker Information Guide – second quarter 2009 by Tony “The Tax Man” Nazarowski April 15th is a few weeks past and here we are talking about taxes yet! Can we give it a rest? Well, we could but since time is money this is a good time to start working on making the most of the 2009 taxes. Here are some ideas for 2009… • The return of the energy credit can be a big savings if you are going to keep and or upgrade your personal residence. The new credit is 30% of the energy improvement costs, up to a $1500 credit. A great way to go “green” and make some too. • If buying a new home is in your future, that future could be up to $8,000 brighter with the new home owner’s credit. Purchase a new personal residence by 12/1/2009 and get 10% of the purchase price, (up to $80,000) as a refundable credit. To qualify you must not have owned a prior personal residence for 3 years from the date of current purchase. If married, neither could have a prior residence for the 3 previous years. • Maybe it is time to retire that ride and get a new one. For 2009, the amount paid in sales tax is a direct offset against income saving you money on your federal and state return. Another thought is instead of trading in the old bike or car, donate it to a worthy charity and pick up the determined value of the trade-in as an itemized deduction. • If you notice that your paychecks are a little larger, that is because there is less withholding taken out. But be careful, that might mean a smaller refund at preparation time or even having to owe. It is not too early to take action and avoid surprises on your 2009 tax return. Anthony N. Nazarowski is an Enrolled Agent, certified by the Internal Revenue Service, and has been preparing personal and business income tax returns for over 25 Years. He taught a variety of income tax courses for over 15 years and since 2002 has been a guest tax expert on WGN television in Chicago, IL where is known as “Tony the Taxman” as well as various appearances on other television networks and radio programs.