Making Work Pay Credit Offers Tax Savings Up to $800!
 Two special tax credits offer taxpayers an opportunity to lower their
tax bill or increase their refunds this filing season. Both credits are
claimed on the new Schedule M, Making Work Pay and Government Retiree Credits.
The 'making work pay credit' helps millions of workers and
self-employed individuals, while the 'government retiree credit'
especially targets former government workers who aren't receiving Social
Security benefits. Income limits apply to the 'making work pay credit'
but not to the 'government retiree credit', and both credits are refundable, meaning that those eligible can get them even if they owe no tax. Here
are further details on each of these credits. Read more here....
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My Service is Going to Be Better Than Ever !
 Like many of you, last year spelled C-H-A-N-G-E for me in more ways than one. I needed to make some big changes in my life and my business. But now it's a new and better year, and you WILL see improvements and changes in our business relationship going forward. My clients are treasured and cherished, and I truly appreciate your business and your loyalty. THANK YOU!
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Welcome to my new Business Manager
 Please join me in welcoming Michelle Hoffman, my new Business Manager. She has almost 15 years' combined experience as a business professional in the Tampa Bay area. At Kevin D. Wrobel, CPA, PA, she is in charge of daily operations, client relations, marketing, accounts receivable and much more. Need to make payment arrangements? Need to schedule an appointment? Want to partner together to increase your market exposure?
Contact Michelle today.
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As we get ready to prepare your 2009 tax return, we want to make sure you have all the details about some changes in tax
law that may impact your tax return.
Here are the top five changes that may show up on your 2009 return:
1. American Recovery and Reinvestment Act
The ARRA provides several tax provisions that affect tax year 2009
individual tax returns due April 15, 2010. The recovery law provides tax
incentives for first-time homebuyer; people who purchased new cars or made their homes more energy efficient; parents and students
paying for college; and people who received unemployment compensation.
2. IRA Deduction Expanded
You may be able to take an IRA deduction if you were covered by a
retirement plan and your 2009 modified adjusted gross income is less
than $65,000 (or $109,000 if you are married filing a joint return).
3. Standard Deduction Increased for Most Taxpayers
The 2009 basic standard deductions are now:
- $11,400 for married couples filing jointly (and qualifying
widows/widowers)
- $5,700 for singles and married individuals
filing singly
- $8,350 for heads of household
You can also now claim an additional standard deduction based on
taxes paid on the purchase of most new
motor vehicles if you bought it after February 16, 2009. You can also increase
your standard deduction by the real estate taxes you paid
during the year or the net losses suffered from a federally-declared disaster. 4. Standard Mileage Rates
The standard mileage rates changed for 2009. The standard
mileage reimbursement rates for business use of a vehicle is now 55 cents per mile, while the standard mileage rates for the cost of operating a vehicle for
medical reasons or a deductible move is now 24 cents per mile. The standard mileage rate for using a car to provide services to
charitable organizations remains unchanged at 14 cents per mile.
5. Kiddie Tax Change
The maximum amount of taxable investment income a child can have is now $1,900 without being subject to taxation at the parent's rate.
For more information about these and other changes for tax year 2009, click here. |
