Tax Alerts!! Year 2009!!
... just a few notes from Pace Tax & Accounting
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Deductions to take a scan at....for tax year 2009.....

Medical:  (has to be greater than 7.5% of Adjusted Gross Income)  The actual amount paid (not reimbursed by insurance) from January 1 through December 31.  Includes but is not limited to doctors, dental, x-rays, labs, medications, insurance cost, medical transportation (you may have other medical expenses that may not be listed above).

Taxes:  Real Estate Taxes, Personal Property Tax and State Withholdings are a part of your itemized deductions. The actual amount paid during the tax year ending on December 31. The word to remember is "paid" by 12/31 of the current year to be used as a deductionn.

Interest:  Mortgage Interest on a personal residence.  Please obtain form 1098 as your proof of interest paid for the tax year.  Points paid to obtain a loan are deductable over the life of the loan, if refinanced, or in the year paid, if a new home purchased.  Consult your tax advisor. Limits apply if your home loans exceed $1,000,000. so seek advice of your tax advisor.

Contributions: Amounts contributed on or before 12-31 at midnight.  This includes but is not limited to churches, non-profits and schools.  There could be some limits based on your Adjusted Gross Income.  Look at your contributions to see if you need to increase prior to 12-31. 

 Special limitation may apply for acknowledgement of any contribution.    Please contact your tax advisor for additional information.

The acknowledgement information may include:

1. You name and taxpayer identification number.

2. The identification number or similar number on an article (such as a vehicle).

3. Related party rules could apply.

4. Statement of "gross" proceeds from the sale.

5. Statement proofing or certification of date of contribution.

 

Mileage (Business)   See special tab for Mileage and Meals

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Miscellaneous (Unreimbursed) Business Expenses:

Individuals may have other deductions that cannot normally be deducted or seem to have some questions about the deductability.  Most employee expenses that are NOT reimbursed, can be included on Schedule A, under the Miscellaneous Expenses section of your personal return.   

This includes but is not limited to office supplies, postage, educational requirements, computer repairs, computer costs and other direct expenses that you incurred but were not reimbursed by your employer. 

Special Note:  Please be aware that most deductions may have some limitations.  It is important that you contact your tax advisor for additional tax advice and/or tax assistance. 




This is a product of Pace Tax & Accounting, Inc.  Gastonia, NC  Contact Administrator @ www.dan@pacetax@.com