New tax deductions, credits could save you some pain at tax time
More forms to file. New and expanded credits and deductions.
When taxpayers sit down to file their 2009 returns, they will find plenty new - some the result of adjusting for inflation, and others changes passed by Congress last year to try to bring the country out of recession.
“Depending on their individual situation, there could be good news, and there could be bad news,” said Amy McAnarney, executive director of the Tax Institute at H&R Block.
Some things affect all taxpayers. The personal exemption, for example, has increased, to $3,650 each for the taxpayer and dependents, up $150 from 2008.
And tax brackets have been adjusted upward by about 5 percent since 2008, said Greg Rosica, tax partner at Ernst & Young and a contributing author to the “Ernst & Young Tax Guide 2010.” That means you might not jump to a higher tax bracket if you earned more.
Read the whole story at Ocala.com
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