For those of you who like to be informed about new changes concerning their up-coming tax returns, I just have a couple credits to tell you about. I'll try to keep it brief because I know many of you simply JUST GET BORED when it comes to taxes.
First, there is a NEW credit this year called the "Making Work Pay and Government Retiree Credit". This credit is 100% so even if you owe $0 in tax you will still receive the credit. The credit is $400 ($800 if married filing joint) or adjusted down if your wages were less than $6451 ($12903 if married filing joint). And, also adjusted down, if you received an economic recovery payment in 2009. You may have received this payment of $250 ($500 if married filing joint) if you received SS benefits, SSI, railroad retirement benefits, VA dsability compensation or pension benefits. If you file your return electronically or have someone else do it for you, you MUST put in this amount or it will be rejected by the IRS. Believe me, THEY ALREADY KNOW!
Second, if you do not have enough deductions to itemize (but you do pay Real Estate Tax), you may be able to take an additional amount on your Standard Deduction. A NEW Schedule L is available to take this deduction.
Again, if you have any concerns that I may be able to help you with, please feel free to email me. I am a devout supporter of giving the public enough information to "Get It Right the First Time". That said, I hope all of you get a nice "REFUND".
Randi
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