TurboTax 2009 and Tax Changes
TurboTax 2009 is one of the most popular overall, along with H&R Block TaxCut.
Regardless of whether your using
a free edition or a paid edition
TurboTax 2009
Software should be high on your list of choices
Intuit Turbo Tax 2009 Software
Editions
can help with:
2009 was certainly a wake up call for many of us financially as the economy stumbles along from our financial melt down. We can look at this as a stumbling block or, an opportunity. To me it's an opportunity to better analyze where I have been wasting money in the past. Plus, it causes me to look harder at how I prepare for my taxes during the year.
Wake up calls can be a blessing in disguise since they force us to reevaluate our habits to see where we seem to be falling short of our goals. TurboTax products help me do just that which in tern gets me back on track at looking out for my future in a good way.
Keeping up with how taxing law changes will effect me in 2009 is like getting a big jump on the season.
TurboTax & Tax Changes 2009
Credits of Up to $8,000 for First-Time Homebuyers
If you purchased a primary residence in 2009 before December 1, 2009 and are
a “first-time” homebuyer, you can qualify for a credit equal to 10
percent of up to $80,000 of the purchase price. You must not have owned a
residence in the United States in the previous three years. The credit
phases out between $75,000 to $95,000 for single filers and, $150,000 and
$170,000 of Adjusted Gross Income for joint filers.
Payroll Credit
For years 2009 and 2010, Congress gave workers a credit of 6.2 percent
of their earned income, capped at $400 for single filers and $800 for joint
filers. For single filers, the credit starts phasing out at $75,000 of
Adjusted Gross Income and dries up at $95,000. The phase-out zone for
couples is $150,000-$190,000.
Deduction for New Vehicles
New vehicle buyers can deduct the sales taxes paid on the purchase, even if
they don’t claim sales taxes as itemized deductions. This is added to
your standard deductions. This break applies to new cars, motor homes, light
trucks and motorcycles purchased after February 16, 2009 and before January
1, 2010. Sales paid on the first $49,500 of cost qualifies. The benefit
begins phasing out for married couples with AGI over $250,000 and singles
with Adjusted Gross Income over $125,000. It is completely gone for single
filers with Adjusted Gross Income of $135,000 or more, or joint filers with
AGI of at least $260,000.
Indexed Brackets are programmed into
TurboTax 2009 Online
Due to higher inflation over the past year, the 10, 15, 25, 28, 33 and 35
percent brackets all kick in at approximately 5 percent higher levels of
income than in 2008.
Changes starting in 2009
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Each personal exemption you can claim is worth $3,650, up by $150 from 2008.
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The standard deduction for marrieds filing a joint return rises to $11,400, up by $450 from 2008. Joint filers can also add in up to $1,000 of property taxes paid.
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Single filer amount increases to $5,700 in 2009, up by $250 over 2008. Singles can also deduct up to $500 of real estate payments.
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Heads of household can claim $8,350 in 2009, a jump of $350 from 2008.
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Non-itemizers who pay real estate taxes can claim larger standard deductions. Non-itemizers can also add any casualty losses that occurred in presidentially-declared disaster areas.
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Reduction in Itemized Deductions and Personal Exemptions for High-Income Taxpayers
Expense Deduction changes will include changes in the following:
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Free Parking for Employees
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Credit for College Tuition
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Child Credit
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Earned Income Credit (EITC)
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Higher Income Limits for Deductible IRAs and for Roth IRAs
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Increased Contribution Limit for 401(k) Plans
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State Exemptions
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Higher Annual Gift Exemption
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Exemptions for the Alternative Minimum Taxes (AMT)
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Credit for Residential Energy-Efficient Property
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Credit for Energy-Saving Home Improvements
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Converting a Second Home to a Primary Home
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Refundable Child Credit
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Partial Exclusion for Unemployment Benefits
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College Savings Plans
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Estimated Relief for Owners of Small Businesses
