Quickly add a free MyWikiBiz directory listing!

Save on Your Taxes by Starting Your 2009 Return Early

MyWikiBiz, Author Your Legacy — Thursday April 25, 2019
Jump to: navigation, search


Save on Your Taxes by Starting Your 2009 Return Early

(NewsUSA) - Two economic developments in 2009 are expected to save Americans hundreds and even thousands on their 2009 and 2010 tax returns. The American Recovery and Reinvestment Act (ARRA) includes tax cuts and expanded unemployment benefits and other social provisions worth more than $787 billion. The Worker, Homeownership and Business Assistance Act of 2009 is a $24 billion package with new terms for the homebuyer credit, additional tax breaks for business owners and extended federal unemployment benefits.

"Many provisions require advanced planning in order get the get the maximum tax benefit, especially those related to homes, college, retirement and children. With so many new and revised tax laws, this is the year to start your tax return early," explains Jessi Dolmage, spokeswoman for Second Story Software, the makers of TaxACT.

A few easy steps will help you avoid missing out on credits and deductions, and minimize your 2009 tax liability.

First, familiarize yourself with both acts by visiting www.IRS.gov. An entire section of the website is dedicated to the ARRA, and additional information and a Making Work Pay Calculator are available at www.TaxACT.com/recovery-act.

Second, get organized. Put all tax records in one secure place, including receipts and statements related to:

  • Child and dependent care
  • College expenses
  • Medical expenses
  • Vehicle taxes
  • Real estate taxes and mortgage interest
  • Charitable contributions
  • Business or employee expenses
  • Investments and retirement contributions
  • Energy-efficiency property expenses
  • Expenses related to job searches

Sort documents by topic to easily access the information when working on related deductions and credits. In addition, include a copy of your 2008 tax return for reference and comparison. If you plan to e-file, you'll need it for your 2008 Adjusted Gross Income or Self-select Personal Identification Number.

Third, see firsthand how tax law changes will affect you by using online or downloadable tax preparation software. Starting your federal return early will save time when you're ready to file, reduce errors (because you won't be rushing), and find all your deductions and credits. Dolmage explains, "Whether you typically do your own taxes or have never done them, a solution like TaxACT Online Free Federal Edition will show you exactly how these tax law changes will affect your 2009 return. Choose a step-by-step interview or complete the IRS forms yourself, at your own pace. Either way, TaxACT will help you capitalize on the acts and estimate your refund amount or taxes owed."

To start your free 2009 federal tax return or for more information about TaxACT, visit www.TaxACT.com.



Name: Save on Your Taxes by Starting Your 2009 Return Early


Share this page

<sharethis />