The instruction booklet to complete the IRS Form 1040 is 175 pages long, and there were more than 300 changes to the tax code last year. Add a tough economy and it’s no wonder taxpayers put off filing their returns.
For those still needing to file their 2009 taxes, H&R Block offers a few last-minute tax tips for navigating some of the tax law changes.
Life changes can equal tax savings
Several changes to the tax code this year parallel life changes made by taxpayers. Overall, the changes help in five areas:
• Workers
• Homebuyers
• Parents
• Higher education students
• In the garage
Workers
Ninety-five percent of taxpayers automatically started taking home more money in their paychecks last year thanks to a change in the IRS federal income tax withholding tables, triggered by the Making Work Pay Credit.
However, some taxpayers could be in the “danger zone” of not having enough taxes withheld, which could potentially cause a small balance due. These taxpayers could be in the danger zone:
• Married couples with two incomes
• Individuals with multiple incomes
• Retirees who have taxes withheld from a pension or who work and receive Social Security benefits
• Individuals who work and can be claimed as a dependent on someone else’s tax return.
The credit, which taxpayers claim when filing their 2009 returns, could mean up to $400 for individuals and $800 for couples in 2009 and 2010.
Phase-outs of the credit start at modified adjusted gross income of $75,000 for single filers and $150,000 for those married filing jointly. It’s completely phased out at $95,000 for singles and $190,000 for those married filing jointly.
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