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In 2009 Obama administration enacted several tax law changes that should favorably affect taxpayers. The changes were intended to encourage taxpayers to get educated, buy houses and continue working.

 

Tax Changes

 

            In 2009 Obama administration enacted several tax law changes that should favorably affect taxpayers. The changes were intended to encourage taxpayers to get educated, buy houses and continue working.

            Due to “Making Work Pay credit” some people have already noticed a difference in the paycheck during 2009. Other changes may come into play at the time taxpayers file their tax return for 2009.  Some of the significant tax changes that should be mentioned are the extended and expanded credits for homebuyers and education expenses.

 

            First-time homebuyer credit was very popular during 2009 and is now valid for qualified purchases made before July 1, 2010. The credit amount is the lesser of 10% of the purchase price or $8,000 and you do not have to repay it if it continues to be your main residence for 36 months after the purchase date.

            Current homeowners can also benefit under the new rule if they owned and occupied their primary residence for at least 5 years they can claim a “long-term resident credit” of up to $6,500 on a new purchase.

 

            Credit for qualified education expenses (up to $4,000) can be applied to as many as four years of post-secondary education. (American Opportunity tax credit).

 

See government website for details

www.irs.gov

 

 

"Taxes: Of life's two certainties, the only one for which you can get an automatic extension."

-- Anonymous

 

People often say death and taxes are the same, but this
is wrong.

Death is a taxable event, but taxes never
die.

 

America is the land of opportunity.  Everyone can become a taxpayer.