Spotlight On Support: Amending Returns for 1st Time Homebuyers

Question: Can I amend my 2008 return to include the "First Time Home Buyers Credit?
Answer: Yes. If you have filed the original return on Taxbrain, we can help you prepare an Amended Tax Return to include the IRS "Form 5405 - First Time Home Buyers Credit" at no additional charge. Read More

Keeping Good Records to Make Tax Time Easier

You can avoid headaches at tax time by keeping track of your receipts and other records throughout the year. Good recordkeeping will help you remember the various transactions you made during the year, which in turn may make filing your return a less taxing experience. Keeping well-organized records also ensures you can answer questions if your return is selected for examination or prepare a response if you are billed for additional tax. In most cases, the IRS does not require you to keep records in any special manner. Generally speaking, you should keep any and all documents that may have an impact on your federal tax return. Read More

Increased Contribution Limit for 401(k) Plans

The maximum employee contribution rises to $16,500 from $15,500 in 2009 for these and similar workplace retirement plans, including 403(b)s and the federal Thrift Savings Plan. Workers age 50 and older in 2009 can put in an additional $5,500 this year, also a $500 increase from 2007. Thus, their maximum contribution is $22,000.

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Higher Annual Gift Tax Exemption
For 2009, you can give up any individual up to $13,000 without owing any gift tax-a $1,000 increase over 2008.

Partial Exclusion for Unemployment Benefits
For 2009, the first $2,400 of unemployment benefits you receive is tax-free.

Haven't Filed Yet?
Taxpayers who applied for and received an automatic six-month extension to file their 2008 income tax return must file their form and pay taxes owed by October 15th. Finish Now!

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