Sunday, January 31, 2010

Current Tax Updates

With tax season off to a brisk start this year; many taxpayers are unaware of recent tax updates that can affect their bottom line. Here are two brief changes that may affect your tax filing season.

Home Buyer Credit – Those taxpayers that will be using Form 5405 to claim the credit will have to include some additional paperwork this year. Taxpayers must now include a copy of the settlement statement, or a copy of the sales contract, or certificate of occupancy. Due to the additional paperwork documentation that is needed, home buyer credit tax returns must be paper filed instead of eFiled.

Contributions to Haiti – Taxpayers that itemize this year can deduct their contributions to Haiti relief. Only cash contributions between Jan. 11th 2010 and March 1st 2010 will be eligible. Be sure that your contributions are to qualified charities.

Hope these updates can help lower that tax bill this year.

The Tech Accountant

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