Here are item that can be deducted for tax year 2009
All of these items are printed in the 2009 Publication 17, Individual Income Taxes which is available online at Publications Online.
So if you have any questions that you have asked or want to know about please refer to IRS Publication 17
1. Economic recovery payment.
2. Making work pay credit. (Chapter 37)
3. Government retiree credit. (Chapter 37)
4. U.S. Savings Bonds.
5. Cash for clunkers.
6. Unemployment compensation. (Chapter 12)
7. American opportunity education credit (chapter 35)
8. Deduction for motor vehicle credit (Chapter 20)
9. Qualifying child definition revised (See chapters 3, 21, 34, and 36)
10. Earned income credit (EIC). ( Chapter 36)
11. Divorced or separated parents (Chapter 3)
12. Taxes on child’s investment income( Chapter 31)
13. Personal casualty and theft loss
14. First-time homebuyer credit (Chapter 37)
15. Alternative minimum tax (AMT) exemption amount increased (Chapter 30)
16 Standard mileage rates. (Chapter 26)
17. Electric vehicle credits. (Chapter 37)
18. Credit for nonbusiness energy property (Chapter 37)
19. Retirement savings plans.
Traditional IRA income limits.
Roth IRA income limit (Both Chapter 17)
Retirement savings contributions Credit (Chapter 37)
20 Military differential pay.
21 Elective salary deferrals
22. Temporary waiver of required minimum distribution rules. (See chapter 10 or, for IRAs,
chapter 17)
23. Certain amounts increased
Standard deduction. (Chapter 20)
Exemption amount. Chapter 3)
Limit on itemized deductions. (Chapter 29)
24 Tax benefits for adoption( See Adoption Credit Chapter 37)
25 Education credits income limits increased ( chapter 35)
26 Social security and Medicare
27 Credits increased.
Additional child tax credit (Chapter 34)
Residential energy efficient property credit ( Chapter 37)
COBRA subsidy. ( Chapter 21)
28 Home mortgage principal reductions
29 Limit on exclusion of gain on sale of main home (Chapter 15)
30 Recovery rebate credit expired
These are topics that are available to be used on your 2009 tax return that has been passed into the tax code .
I willf ollow up with the laws passed for 2010 that can be used on your 2009 tax return
Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.
All of these items are printed in the 2009 Publication 17, Individual Income Taxes which is available online at Publications Online.
So if you have any questions that you have asked or want to know about please refer to IRS Publication 17
1. Economic recovery payment.
2. Making work pay credit. (Chapter 37)
3. Government retiree credit. (Chapter 37)
4. U.S. Savings Bonds.
5. Cash for clunkers.
6. Unemployment compensation. (Chapter 12)
7. American opportunity education credit (chapter 35)
8. Deduction for motor vehicle credit (Chapter 20)
9. Qualifying child definition revised (See chapters 3, 21, 34, and 36)
10. Earned income credit (EIC). ( Chapter 36)
11. Divorced or separated parents (Chapter 3)
12. Taxes on child’s investment income( Chapter 31)
13. Personal casualty and theft loss
14. First-time homebuyer credit (Chapter 37)
15. Alternative minimum tax (AMT) exemption amount increased (Chapter 30)
16 Standard mileage rates. (Chapter 26)
17. Electric vehicle credits. (Chapter 37)
18. Credit for nonbusiness energy property (Chapter 37)
19. Retirement savings plans.
Traditional IRA income limits.
Roth IRA income limit (Both Chapter 17)
Retirement savings contributions Credit (Chapter 37)
20 Military differential pay.
21 Elective salary deferrals
22. Temporary waiver of required minimum distribution rules. (See chapter 10 or, for IRAs,
chapter 17)
23. Certain amounts increased
Standard deduction. (Chapter 20)
Exemption amount. Chapter 3)
Limit on itemized deductions. (Chapter 29)
24 Tax benefits for adoption( See Adoption Credit Chapter 37)
25 Education credits income limits increased ( chapter 35)
26 Social security and Medicare
27 Credits increased.
Additional child tax credit (Chapter 34)
Residential energy efficient property credit ( Chapter 37)
COBRA subsidy. ( Chapter 21)
28 Home mortgage principal reductions
29 Limit on exclusion of gain on sale of main home (Chapter 15)
30 Recovery rebate credit expired
These are topics that are available to be used on your 2009 tax return that has been passed into the tax code .
I willf ollow up with the laws passed for 2010 that can be used on your 2009 tax return
Franklin Katz, ATP ,PA, PB
Frank’s Tax and Business Service
120 York Rd
Kings Mountain, NC 28086-3151
(704) 739-4039
Fax: (704) 739-3934
Providing Professional Accounting Services and Income Tax Preparation
Circular 230 Disclaimer – Any tax advice in this communication (including any attachments) is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of (1) avoiding tax related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matters addressed herein.