THERE IS A NEW DEDUCTION AVAILABLE FOR HOMEOWNERS THAT DO NOT ITEMIZE. OVER THE YEARS I HAVE HAD SEVERAL CLIENTS THAT ADDED ALL OF THEIR CHARITY, TAXES, MEDICAL, MORTGAGE INTEREST AND OTHER DEDUCTION TO FIND OUT THEY JUST MISSED THE ITEMIZING.
|
Filing Status |
2008 |
2009 |
|
Single |
$5,450 |
$5,700 |
|
Married Filing Jointly |
$10,900 |
$11,400 |
|
Married Filing Separately |
$5,450 |
$5,700 |
|
Head of Household |
$8,000 |
$8,350 |
|
Qualifying Widow(er) |
$10,900 |
$11,400 |
THIS YEAR IF YOU FALL BELOW THE THRESHOLD THERE IS AN ABOVE THE LINE DEDUCTION OF REAL ESTATE TAXES UP TO $500.00.
MYTH BUSTER:
THIS IS A DEDUCTION THAT WILL REDUCE TAXABLE INCOME NOT A CREDIT THAT WOULD REDUCE TAXES DOLLAR FOR DOLLAR.