Haiti Relief Donations

By Heather (Balance with Purpose)

Taxpayers who donate to charities for the Haiti relief effort after January 11, 2010 and before March 1, 2010 are able to deduct these donations on their 2009 tax returns for an immediate tax break.

For more information click HERE.

Heather Sunseri is a Christian, wife and mother of two young children. She has worked as a CPA for the past 15 years for thoroughbred horse farms and in public accounting in Central Kentucky. She spends her free time as an inspirational writer and enjoys the little things in life from long bike rides in the country to homemade pizza and family game night.

Waiting For Those 1099 Tax Forms?

By Heather (Balance with Purpose)

It’s that time of year again–when accountants update their pocket protectors along with their tax software and people all over the United States wait anxiously by the mailbox to see if this will be the day that their W-2s and 1099s arrive so that they can rush right over to their accountant’s office to see what their refund will be from 2009.

Well, not so fast. For years after 2008, certain 1099s are not required to be mailed out to taxpayers until February 15. This includes: 1099-B (Proceeds from Broker and Barter Exchange Transactions), 1099-S (Proceeds from Real Estate Transactions), and 1099-MISC (if amounts are reported in boxes 8 (substitute payments in lieu of dividends or tax-exempt interest) or 14(payments to attorneys)).

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Tax Incentives To Consider in 2009

By Brian, CPA

As a result of recent economic conditions and policy moves, Congress has created more and more liberal tax incentives than I have ever seen in my long years of doing income tax work. If you happen to be in a position to take advantage of them, the savings can be huge. OF COURSE, as my parents said so often, a bargain isn't a bargain unless you would have bought it anyway....

By far the largest for consumers is the liberalized first-time homebuyer credit. It's claimed on IRS Form 5405. In general, for the purchase of a qualifying first-time principal residence this credit is available for 10% of the purchase price, up to $8,000 for 2009 purchases. It's critical to note that this credit fundamentally changed radically for 2009. For 2008 it was a good deal, but really only an interest free loan that had to be repaid over 15 years through the purchaser's tax return. For 2009 there is no repayment as long as the house remains the principal residence of the purchaser for 36 months.

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