Taxes this year...the changes

Discussion in 'The Watercooler' started by MidwestMom, Jan 6, 2010.

  1. SomewhereOutThere

    SomewhereOutThere Well-Known Member

    I guess there are new deductions and we'll have to be careful if we do them ourselves. Besides the deduction of if you bought your first house, does anyone know a few common ones? Is it going to be THAT much more difficult this year? We usually do our own taxes, but this year maybe it's not a good idea???? Thanks for any help. We usually get our W=2s very early in January.
     
  2. SRL

    SRL Active Member

  3. busywend

    busywend Well-Known Member Staff Member

    The addition of Schedule M for the Making Work Pay Credit will be the most confusing. If you recall we all get an extra few $s in the paycheck starting in April - that would have reduced most people's returns by the same amount. They created a credit to help offset that of $400. But, if you are retired and get the stimulus payment of $250 - that offsets the $400 so you would only get $150 credit.

    I now am working for H&R Block - so if you have questions just let me know.
     
  4. timer lady

    timer lady Queen of Hearts

    I believe there will be credits (Wendy correct me if I'm wrong) for any energy saving updates you made to your home.

    That, along with buying a newer, more fuel efficient car (hybrids)?


     
  5. busywend

    busywend Well-Known Member Staff Member

    Yes, energy saver credits went up to 30% instead of the specific dollar amount of credits ($200 or $500 limits).
    Automobile purchases I learn tonight, but I believe it is the sales tax that is credited.
     
  6. klmno

    klmno Active Member

    You might already be aware since you brought up buying this home, but since you bought it this last year you can deduct the points and something else that were paid, as well as the interest.
     
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