Johnson, Agen, Kupferschmidt & Associates

Tax Tips

May 2009

START THINKING 2009 TAXES NOW

You're thinking, "Thank goodness, the 2008 year is over and I don't have to think about it anymore." That might not be the best strategy. You really are well into the next tax year. Here are a few ways to get a profitable head start on your 2009 return:

Don't forget those losses from last year. If you realized capital losses by selling shares, you can carry over the leftover losses to 2009 and beyond.*
Make sure you're having enough taxes withheld. The American Recovery and Reinvestment Act may have added to your paycheck.*
Buy a house. Low interest rates, still-low prices and this year's tax break up to $8,000 are good reasons to buy this year.*
Buy a car. You'll probably be able to deduct the sales tax even if you don't normally itemize. It has to be a new car and purchased before Dec. 31.*
Go green at home. In most cases, the energy-efficient credit is now 30% of the cost of qualifying improvements up to $1,500.*
Watch those unemployment checks. You have to pay taxes on that income.*

*As always, there are conditions that apply to each of these points and we will be happy to explain and clarify them during your tax appointments. We are proud to be your local Enrolled Agent Tax Professionals.
January 2009
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September 2008