1) Depreciation: The maximum first-year depreciation deduction has been increased by $8,000 for cars placed in service before 2010. The Section 179 deduction is still at $250,000 for 2009. The first-year bonus depreciation break of $50,000 is still in place for 2009.
2) Cobra Credit: If you provided a COBRA subsidy to laid off employees, you can claim a credit for the provided COBRA subsidy.
3) Home Builder Tax Credit: If you build homes, you may claim a credit of up to $2,000 for each qualified energy-efficient home constructed and acquired from you for use as a residence.
1) The first $2,400 of federal unemployment compensation benefits you receive are excluded from gross income.
2) Making Work Pay tax credit: A maximum of $400 for working individuals and $800 for working married couples, is reduced by the amount of any Economic Recovery Payment ($250 per eligible recipient of Social Security, Supplemental Security Income, Railroad Retirement or Veteran's benefits) or Special Credit for Certain Government Retirees ($250 per eligible federal or state retiree) that you receive.
3) You can claim a deduction for “qualified tuition and related expenses” relating to the enrollment or attendance of you, your spouse or your dependent at an eligible college or university. While it is subject to phase-outs at higher income levels, the deduction can be as large as $4,000.
4) Home Buyer Tax Credits Up-to-$8,000 credit for first time buyers and up to 6,500 for other home owners. It is subject to phase-outs at certain income levels and the home you buy has to be your principal residence.
5) You may be able to deduct state and local sales and excise taxes if you buy a car, motorhome, motorbike or light truck.
6) Capital Gains: If you are in the 10% or 15% tax bracket, the current tax rate for long-term capital gains is 0%.
7) Make energy efficient improvements to their home? For the 2009 and 2010 tax season, the tax credit has been increased to 30% of the cost of the improvement up to $1,500.
8) Tax-free direct transfer of up to $100,000 from your IRA to a charitable organization. You must be age 70½ or older to do this.
Of course, check with your financial adviser to see if these tax tips apply to you or your business.
Agent Technologies, Inc.
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