User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


82° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

KELOLAND.com | Sioux Falls News & Weather, South Dakota News & Weather, Minnesota and Iowa News

[0] My Saved Articles
Find local businesses
on the KELO Pages!

 

Money Matters: Your 2009 Taxes

February 2, 2010, 9:50 PM by Angela Kennecke

Money Matters: Your 2009 Taxes
If you haven't received it already, your W-2 form should arrive any day now. Employers had to have it in the mail by Monday.

The biggest tax news of 2009 is the first-time homebuyer's $8,000 credit.  If you're eligible, don't expect a quick refund because to get it your taxes can't be filed electronically.

"Probably because of amount of fraud and abuse the IRS was seeing in that over the past year. And they'll start processing those returns in the middle of February," Tim Ness of Ness Tax and Bookkeeping Service said.

A few lucky second-time homebuyers can also get the $6500 tax credit for 2009.

"Some people got caught in the middle where they didn't qualify because they moved in the second home before November 7 and couldn't get $6500. They were kind of bummed out; that happened today," Ness said.

Workers also qualify for the "Making Work Pay" credit of $400 for individuals or $800 for married couples, unless you received an economic stimulus payment of $250 from the Veterans Administration or Social Security Administration last year.

"That stimulus payment is not taxable, but it reduces your other credit and we're seeing a lot of rejected returns because of that. People just don't remember getting the $250," Ness said.

Also new this year, parents and students can get a federal education credit to offset the cost of college under the new American Opportunity Credit.

"If you had paid over $4,000 in tuition, fees, and technology, equipment like laptop computers, you would qualify for credit, credit of $2500. If that credit is more than the amount of tax due, you qualify to get a $1,000 refund," Ness said. 

If you just claim a standard deduction, you can now also add on real estate taxes and sales tax on a brand new vehicle.

"Our simple standard deduction went from one number to a 21 line page to calculate the correct number," Ness said.

A couple of other new things for your 2009 taxes: you can get a tax credit of up to $1,500 for making energy saving improvements to you home.

And if you collected unemployment, your first $2,400 is tax-free, but any amount over that is taxed.

Learn more about what to expect when you file your 2009 taxes at the IRS Web site.

Previous Story

Next Story




Sponsored

 


You may also like

Lifeguard Rescues Girl From Sioux Falls Pool

7/28/2015 4:10 PM

An alert lifeguard pulled an unconscious child from Laurel Oak pool on Tuesday afternoon

Full Story
Officials Identify Victims In Plane Crash

7/28/2015 11:48 AM

Pipestone County Sheriff's Office said the pilot, 59-year-old Steven Christensen, and passengers 18-year-old Marcos Favela and a 13-year...

Full Story
Josiah's Owner Says He's Targeted By Payday Loan Industry

7/28/2015 6:00 PM

The owner of Josiah's Coffeehouse & Cafe says it's an organized effort to put him out of business by the payday loan industry. 

Full Story | Watch
Allegiant Air Pilot Pleads With Tower To Make Emergency Landing

7/29/2015 1:58 PM

An Allegiant Airlines pilot declared a fuel emergency and had to land at a North Dakota airport even though the airport was closed for the Blue Angels...

Full Story
Business Owner Claims Harassment From Outside Group

7/28/2015 10:32 AM

Sioux Falls Police were called to a coffee shop Tuesday morning.  The owner of Josiah's Coffeehouse & Café says he's had to ca...

Full Story


Events