A Few New Tax Reminders and Tips for 2009 Filings
* The first time home buyer's credit has been extended to April 30, 2010. Some current buyers may also qualify for a credit up to $6500 when purchasing as a primary residence.
* The standard business mileage is $.055 per mile.
* If you received Unemployment Compensation in 2009, you can exclude up to $2400 from your gross income.
* If you purchased a motor vehicle between February 16,2009 and December 31, 2009, you may qualify for an additional deduction.Please check with your accountant for details.
* Given the downturn in the economic environment during 2009, you may receive a Form 1099-A or 1099-C due to a foreclosure or cancellation of debt. The Internal Revenue Service can consider the amount on these forms to be part of your gross income. Check with your accountant to see how you may be able to exclude this taxable income under special IRS codes.
There are many other changes of 2009 which could benefit your specific tax situation. Please be sure to allow sufficient time for accurate preparation of your tax returns. Most accountants need to receive by at last March 20, 2010, to allow sufficient time for the accurate preparation of your tax returns.
The Lori Bowers Group
78015 Main St., Suite 110Old Town La Quinta
La Quinta, CA 92253
Phone: (760)777-8788 • Fax: (760)771-5355
A boutique Real Estate Office, with a full service team to serve all your Real Estate Needs
La Quinta, Palm Desert, Indio, Rancho Mirage, Coachella , Indian Wells and the surrounding Palm Springs Area.
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