Schantzen & Schantzen Cpas

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Greetings to clients and friends!
It is time to begin preparing for the 2009 income tax filing season. Start by collecting and keeping track of your income and deduction documentation. Use our worksheets - they are designed to help you gather the proper information. Check the upper right corner of your income tax organizer for an appointment. If one is not listed for you, please call the office to set up your appointment.
2009 could be better than you think, especially from a tax standpoint. On February 17, the President signed the American Recovery and Reinvestment Act to stimulate the economy. This stimulus package is packed with tax savings that will affect a large portion of American taxpayers.

The Making Work Pay Credit was designed to give workers a payroll tax credit. Instead of sending lump-sum payments to taxpayers who work, the withholding tables were adjusted to trickle the savings out to the recipients. If you are self-employed, it will reduce your self-employment tax liability. Retirees, veterans or those disabled also received benefits.
First Time Homebuyer Credit
You can now deduct state and local sales or excise tax on the purchase of a new vehicle (including motorcycles) up to $49,500.
The Stimulus bill exempts the first $2,400 of unemployment from federal tax.
College tuition for yourself or your dependent
The Energy Credit is back for 2009 and 2010. Congress scrapped the old Energy Credit and replaced it with one that is more lucrative.

This is just some of the major tax provisions in the Stimulus Act that affect the personal tax return. These provisions were designed to stimulate the economy by putting more spendable dollars into the hands of the American taxpayer. We can help you to interpret these in light of your own personal situation.
With the tax savings that can be generated with certain deductions, we highly recommend that the parents and kids returns be done together. That way we can analyze all possible options.
If you should have any questions or concerns before your appointment, please call the office. We look forward to meeting with you once again.

Wendy of Benusa Engineering 2010 Schantzen & Schantzen
Last updated February 17, 2010