10 Tax Tips for 2008
*Always consult your tax preparer FIRST
1. First time home buyers are eligible for a $7,500 tax credit on their new home (must reside in home, rentals not applicable)
2. Homeowners can deduct property taxes, mortgage interest and mortgage insurance premiums
3. Compensation received during Jury Duty is not taxable if turned over to your employer
4. Up to $4,000 of college tuition is tax deductible if you are single and make less than $58,000 annually or married and make less than $115,000 annually.
5. You are eligible to receive a childcare credit up to $6,000 for TWO dependents (up to $3,000 for one dependent)
6. You can file for the Earned Income Credit if you are single and have 1 or 2 dependents and earn less than $34,000 annually (Married less than $41,000 annually)
7. Teachers are eligible to receive a $250 tax credit
8. Moving expenses are deductible if the move is job-related and over 50 miles
9. If you are over 50 years of age and not covered by an employer’s pension plan, your IRA contributions up to $6,000 are tax deductible. If you are under 50, up to $5,000 are tax deductible
10. Off shore credits are considered a tax evasion by the IRS
BONUS Tax Tip: The stimulus check you received in 2008 is not taxable. If you did not receive a stimulus check, you can receive credit for it on your current tax return.
Tax Tips courtesy of:
Matthew Ware
Ware’s Padgett Business Services, Inc
3636 Panola Road
Lithonia, GA 30038
(770)593-9848
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