Tax Changes for 2009

Updated 12 months ago

I’m not an accountant but here are some of the changes in tax regulations for 2009: Mileage- For business purposes, up to 55 cents per mile, which is different from the 2008 rates (50.5 cents to 58.5 cents) First-time Homebuyer tax credit – As part of the Stimulus plan, up to $7500 for first time homebuyers or people who haven’t owned a home for three years. This credit is for homes bought from April 2008 to June 30th 2009. Income increases for IRA contributions- A slight increase in how much you may earn and still contribute to an IRA for individuals and couples. Please see the worksheet for filing your 1040 or speak with your attorney or tax preparer for details. The dollar amount that you may contribute to an IRA is unchanged for 2009. Generally, to save money on taxes, take advantage of pre-tax savings vehicles. If you haven’t filed yet, you may still have time to maximize your contributions. If you didn’t take advantage of tax savings for last year, commit to more pre-tax saving for next year by saving now. Keep good records and you may be better able to capture all the deductions that you are entitled to take. Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out or website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008 by Market Surveys of America In compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. DisclosureOnly securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Norumbega Financial and Wall Street Financial Group, Inc., are separate entities, independently owned and operated.


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