Tax Breaks You Should Know About

Below is a summary of some of the key tax provisions that may apply to your 2009 tax return.  Prepared by my friends at Briggs Veselka, a CPA firm located in Houston, details are presented in an explanatory chart by clicking on the link that follows.

For Individuals:

1.    1st time home buyer credit - Get up to $8,000 back on the purchase of your first home

2.    Subsequent home buyer credit - Get up to $6,500 back on a subsequent home

3.    College Credit - Get up to $2,500 back on college costs

4.    Energy credits Get up to $4,000 back when you go green

5.    Individual Deductions - 2009 was the last year for certain deductions

6.    IRA Minimum Distribution Requirement - MDRs were waived for 2009

7.    IRA Distributions to Charity - In 2009, you could make your donations directly out of your IRA

8.    Cobra Insurance - Laid off employees only pay 35% of premiums for 15 months.

For Businesses:

1.    Increased Sec 179 Exp - In 2009, businesses could write off up to $250,000 of depreciable property

2.    Bonus Depreciation - In 2009, businesses could write off up to 50% of new depreciable property

3.    Work Opportunity Credit - Businesses can still get up to $2,400 back on certain employees

http://www.bvccpa.com/Tax%20Alerts/2010_01_TaxAlert.html