economic crisis 2009 explained

economic crisis 2009 explained

Have you noticed Changes In The Tax Laws For 2009?

Every year, the Internal Revenue Service enforces new tax laws. Most years there isn’t much actual change to report. Because of the economic crisis that began in 2008, however, there have been some notable changes to the 2009 tax laws. Let’s take a look at a few of these.

There is a first time homebuyer tax credit. It is important to know that the Internal Revenue Service defines a first time homebuyer as someone who has not owned a principal residence for three years before the purchase of the new home. The tax credit is $7500. Of course, you must have bought the house within calendar year 2008. You can also deduct the PMI you pay on your mortgage 100% for 2008.

The low-income capital gains tax has been erased. It used to be that if you were single and earning under $32,000 annually or married, with a joint income under $65,000 a year, you could face a 5% capital gains tax. The new law removes the tax for 2008. Also, if you sold real estate, or stocks and bonds and made a profit during 2008, there is no capital gains tax.

If you didn’t take advantage of last year’s economic stimulus rebate, you still might be able to get some money. You need to go to the Internal Revenue Service website and check out the recovery rebate credit calculator to determine if you are still eligible.

In bad news, the federal government has increased the penalty for paying your taxes late (60 days beyond deadline) to 100% of the amount owed or $135, whichever is smaller.

These are some of the more notable changes of 2009. To get a list and explanation of all the new tax laws, go to the Internal Revenue Service website. It’s important to keep abreast of the changes in tax laws. Not knowing about a new tax law, whether it is favorable to the taxpayer or not, can put you in a bad spot when you’re doing your income tax return.

In order to be completely certain that you are not missing out on any opportunity to lower your tax liability, whether it be through proper processing of new tax information or correct application of tax laws that have been on the books even longer, it might be a good idea to have your income tax return prepared by a tax professional. Tax professionals are accredited and trained to keep current on any and all tax information affecting your exemptions, deductions, or tax credits. Talk to one today, and find out how they can help.

The tax laws have been changed for 2009. Your tax liability is going to be affected due to these changes. It’s important to know these changes. Chintamani Abhyankar explains with practical examples.

About the Author

Chintamani Abhyankar, is a well known expert in the field of finance and taxation for last 25 years. He has written many books explaining inside secrets of the magic world of personal finance. His famous eBook Stop donating your money to IRS which is now running in its second edition, provides intricate knowledge and valuable tips on personal finance and income tax.

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