Every year the IRS changes the tax laws. Some of these changes are simply to account for inflation. Some of these changes are caused by new laws and usually last for more than one year. Some of these changes are caused by current conditions and usually only apply to certain groups of people and only for a specific period of time. This last group of changes can help you out a lot if you qualify.
As we all know, the US and global economy has been struggling. Unemployment rates are high and businesses are failing at an alarming rate. There are several new tax laws for 2009 that are designed to help the economy by rewarding people for spending money.
If you made major purchases in 2009, you may be able to deduct the amount you spent from your income or take a tax credit. If you bought appliances, windows, or even roofing that meets Energy Star standards, you may be able to get a tax credit of up to $1500.
If you purchased a new vehicle in 2009, you may be able to deduct the taxes you paid on the vehicle. This can mean thousands of dollars of deductions which could reduce your tax bill by hundreds of dollars.
The best new tax law for 2009 is probably the first time home buyers credit. If you bought a home for the first time in 2009, you may be able to get a tax credit of 10% of the purchase price of your home up to $8000. There is also a clause for repeat home buyers that most people don't know about. Repeat home buyers may be able to get a credit of up to $6500.
All of these tax credits will require you to fill out an extra form, but for hundreds or even thousands of dollars it is definitely worth it. You need to make sure you follow all the rules though. The best way to make sure you follow the rules is to hire a professional or use tax software.
I like tax software because the program will walk you through everything and then generate all the forms automatically. You can do your taxes when you want and not have to make an appointment. On top of that it is much cheaper than a tax professional and for most people gets you the same results.
You can learn more about online tax software at my website. If you are getting really stressed out, you may want to check out a page on remedies for anxiety to get yourself calmed down.
For the record, I am not giving specific tax advice and recommend using software or a tax professional to make sure you are following all the applicable rules. This will help you stay out of trouble with the IRS.
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