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The year goes by, you get busy … and tax-saving opportunities slip away. Don’t worry, this post is for you. Before 2009 passes you by, here’s a quick look at some last minute opportunities. This article is here to reacquaint you with some of the notable federal tax breaks offered this year. Before we start, one last piece of advice. If you have as much trouble trying to keep up with all the tax changes year after year as I do, find a good CPA. I can’t tell how valuable it is having my CPA as a direct resource any time I need him.
The first-time home-buyer credit.
This is the up-to-$8,000 credit available in 2009 to anyone who hasn’t owned a home during the previous three years. (It is subject to phase-outs at certain income levels.) The home you buy has to be your principal residence, and you have to buy it before December 1, 2009. The credit does not have to be paid back.
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