Branch, Richards, & Co., P.S., CPAs - Northgate Executive Center, Seattle, WA

Branch, Richards & Co., P.S.
Certified Public Accountants and Consultants

News

IRS Standard Mileage reimbursement rate changed to 55 cents per mile beginning January 1, 2009, a decrease from 58.5 cents per mile in 2008.

The first time home buyers credit of $8,000 expires November 30, 2009 unless extended by Congress, so a house closing must be done by that date to qualify for this generous credit.

There are residential energy credits for 2009, and likely for 2010, that allow a 30% credit against taxes, up to $1500, for the purchase of energy efficient windows, doors, furnaces, wood stoves, and other items.

Don't forget State sales taxes are deductible again for 2009 on Schedule A. Sales taxes paid on large purchases, such as cars, boats, or RVs, can be added to the allowance provided by the IRS table, which is based on income and family size.

For homeowners taking the standard deduction, rather than itemizing deductions on Schedule A, there is a separate additional deduction for real estate taxes paid of $500 for singles, and $1000 for married couples.

IRS Standard Mileage reimbursement rate changed to 55 cents per mile beginning January 1, 2009, a decrease from 58.5 cents per mile in 2008.
The first time home buyers credit of $8,000 expires November 30, 2009 unless extended by Congress, so a house closing must be done by that date to qualify for this generous credit. There are residential energy credits for 2009, and likely for 2010, that allow a 30% credit against taxes, up to $1500, for the purchase of energy efficient windows, doors, furnaces, wood stoves, and other items. Don't forget State sales taxes are deductible again for 2009 on Schedule A. Sales taxes paid on large purchases, such as cars, boats, or RVs, can be added to the allowance provided by the IRS table, which is based on income and family size. For homeowners taking the standard deduction, rather than itemizing deductions on Schedule A, there is a separate additional deduction for real estate taxes paid of $500 for singles, and $1000 for married couples.