06
Mar

New Tax Laws that Can Benefit Most People In 2009 Tax Returns

Posted by Sara M. Varese

Every year, multiple tax laws and changes are made due to demand, need, or the combination of the two.  Below is a quick summary of a few tax laws that many people can take advantage of for 2009.  For more details, click on the link at the bottom of the post and go to page 6.

Making Work Pay Credit: If you were fortunate enough to have worked and earned income in 2009, then you may be eligible to receive a tax credit of 6.2%, up to $400.

Unemployment Compensation: You do not have to pay taxes on unemployment compensation that you had made in 2009 up to $2,400.

Auto Purchase Deduction: If you had purchased a car after February 16 2009, you can deduct the local and state sales tax.  If you didn’t have to pay taxes then you could be able to deduct other kinds of taxes or fees.

Credits that have increased

  • Child tax credit and credit for renovations made for energy efficiency on real estate.
  • Earned income credit has increased for those with 3 or more children, given certain qualifications restrictions of EIC.
  • Hope Education Tax Credit.
  • There are more auto, divorce, and mortgage tax changes for 2009 that you can read about here (Go to page 6 on the link.)

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