Deductions & Credits for Homeowners and Business
Here just some of the new tax law topics:
- The American Opportunity Tax Credit- A $4000 refundable tax credit for students in exchange for 100 hours of community service
- Standard or Itemized- Which one is best for you?
- Alimony Tax Deductions- ability to report the total amount of alimony you paid during the year.
- Mortgage Insurance Premium Tax Deduction- Mortgage insurance premiums may be tax deductible and is valid for the years 2007 through 2010.
- First Time Home Buyer Tax Credit
- Refundable tax credit of up to $7,500 for the purchasing a primary residence Additional Standard Deduction for Property Taxes- The Housing Assistance Tax Act of 2008
- Energy Tax Credits- Latest tax shelters
- Sales Tax Deductibles- The sales tax deduction will be available to filers who choose to itemize their expenses on Schedule A. And they will have two ways to determine just how big their sales tax deduction will be.
- Vehicle Sales Tax Deduction- available on new vehicles purchased from Feb. 17, 2009, through Dec. 31, 2009.
- Making Work Pay Deduction- new, temporary tax credit worth up to $400 for the years 2009 and 2010 only.
- Learn more about what expenses are deductible Adoption Tax Credit- tax credits if you adopted a child
- Child Tax Credit- How to qualify for the Child Tax Credit
- Retirement Savings Contribution Credit- qualifications
- Credit for the Elderly or Disabled- If you are 65 or older, or if you are disabled, you can reduce your taxes with elderly or the disabled tax credits.
- Casualty and Theft Deduction- Losses incurred because of a casualty, disaster, or theft may be tax-deductible
- Domestic Production Activities Deduction- Businesses with "qualified production activities" can take a tax deduction. Realizing the full benefit of the deduction can require complex analyses and calculations.
- Qualifying for the Earned Income Tax Credit- qualifying children, and the special Head of Household rule if you are separated from your spouse.
- Self Employment Health Insurance - take a deduction for half of your Self Employment Tax
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- Tax audit or in any tax appeal from that tax audit.
- Tax Court or any other appropriate court which may include the District Court, the Court of Federal Claims, California Superior Court, or even the Bankruptcy Court. (Need Legal Bankrupcy Consultation?)
Remember, you as a taxpayer have an absolute legal right to be represented by the tax professional of your choice. Call Attorney-at-Law Perry Popovich now at 650-856-0672.
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Summary of the California’s Last Tax Hikes
California already had the top marginal personal income tax rate and highest base sales tax rate in the country. Last year, four tax code increases alone made an average family of four with an annual income of $75,000 pay $963 more a year in taxes.
What to do?
A cavalier attitudeis not enough when it comes to the IRS. You need to have a solid tax plan in place to best lower your tax liabilities.
For a solid tax plan moving forward, and help with any past tax or IRS issues, give Fresno county tax lawyer Perry Popovich now at 650-856-0672.