(Columbus, OH) —There may be only a few weeks left in 2009, but there’s still time to implement a few tax-saving strategies that will save you money when you file your federal and state returns.
To help taxpayers prepare for the filing season, The Ohio Society of CPAs has launched a series of online tax videos that cover some of the largest money-saving credits and deductions for 2009.
Credit for new fuel-efficient vehicles. Auto manufacturers are offering some great deals on new cars for the end of 2009. If you buy a new hybrid car, you could qualify for a credit of up to $3,000 on your 2009 return. Taxpayers who do not itemize are still eligible for a deduction for state and local sales and excise taxes if you purchased a new car, truck, motor home or motorcycle between Feb. 17 and Dec. 31, 2009.
First time homeowner’s credit. First-time homebuyers who purchase a home between Jan. 1, 2009 and April 30, 2010 may be eligible for a tax credit of 10 percent of the purchase price, up to a maximum credit of $8,000. Current homeowners who bought a new principal residence after November 6, 2009 could qualify for a tax credit of up to $6,500, subject to certain income restrictions.
Pay your mortgage early. If you own a home and still have a mortgage, consider paying your January mortgage bill before December 31. You’ll be able to claim the interest on this payment as part of your total mortgage interest deduction for 2009.
Donate to charity. Charitable donations of cash and property may earn you a deduction on your taxes, limited to 50 percent of your adjusted income. Remember to get a donation acknowledgement for your records, and it may be a good idea to have high-value donated items appraised.
Winterize your home. When you make energy-efficient home improvements, you can claim a tax credit of 30 percent of the total cost of the improvement, up to $1,500 for the combined 2009 and 2010 tax years. Qualifying expenses include the purchase and installation costs of certain high-efficiency heating and air conditioning systems, water heaters, and stoves that burn biomass fuels. You can also claim a portion of the purchase price on qualifying energy-efficient windows, skylights, doors, insulation and roofing.
Taxpayers can view the videos and find more financial tips at www.FinancialFitnessOhio.com. Or call 888-959-1212 to find a CPA in your area.
The Ohio Society of CPAs, established in 1908, represents nearly 23,000 CPAs in business, education, government and public accounting. The Ohio Society’s members not only meet statutory and regulatory requirements as CPAs, but also embrace the highest standards of professional and ethical performance. This is achieved through ongoing professional education, comprehensive quality review and compliance with a strict Code of Professional Conduct.
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To help taxpayers prepare for the filing season, The Ohio Society of CPAs has launched a series of online tax videos that cover some of the largest money-saving credits and deductions for 2009.
Credit for new fuel-efficient vehicles. Auto manufacturers are offering some great deals on new cars for the end of 2009. If you buy a new hybrid car, you could qualify for a credit of up to $3,000 on your 2009 return. Taxpayers who do not itemize are still eligible for a deduction for state and local sales and excise taxes if you purchased a new car, truck, motor home or motorcycle between Feb. 17 and Dec. 31, 2009.
First time homeowner’s credit. First-time homebuyers who purchase a home between Jan. 1, 2009 and April 30, 2010 may be eligible for a tax credit of 10 percent of the purchase price, up to a maximum credit of $8,000. Current homeowners who bought a new principal residence after November 6, 2009 could qualify for a tax credit of up to $6,500, subject to certain income restrictions.
Pay your mortgage early. If you own a home and still have a mortgage, consider paying your January mortgage bill before December 31. You’ll be able to claim the interest on this payment as part of your total mortgage interest deduction for 2009.
Donate to charity. Charitable donations of cash and property may earn you a deduction on your taxes, limited to 50 percent of your adjusted income. Remember to get a donation acknowledgement for your records, and it may be a good idea to have high-value donated items appraised.
Winterize your home. When you make energy-efficient home improvements, you can claim a tax credit of 30 percent of the total cost of the improvement, up to $1,500 for the combined 2009 and 2010 tax years. Qualifying expenses include the purchase and installation costs of certain high-efficiency heating and air conditioning systems, water heaters, and stoves that burn biomass fuels. You can also claim a portion of the purchase price on qualifying energy-efficient windows, skylights, doors, insulation and roofing.
Taxpayers can view the videos and find more financial tips at www.FinancialFitnessOhio.com. Or call 888-959-1212 to find a CPA in your area.
The Ohio Society of CPAs, established in 1908, represents nearly 23,000 CPAs in business, education, government and public accounting. The Ohio Society’s members not only meet statutory and regulatory requirements as CPAs, but also embrace the highest standards of professional and ethical performance. This is achieved through ongoing professional education, comprehensive quality review and compliance with a strict Code of Professional Conduct.
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