2009-02-20 / Columnists

Stacy's Tax Tips

Keep looking for my tax tips to get the latest on what the stimulus has in store for 2009:

1. The rules have gotten tougher for those of you who sell a home every two years to take advantage of the primary residence rules. The amount of personal use will now be used against all use to determine the percentage of the excluded gain.

2. The educator (teachers) above the line deduction of up to $250 in expenses has been renewed for 2008 and 2009. Make sure to give your tax preparer those expenses if you are an educator.

3. Be careful of the kiddie tax rules. Many taxpayers put accounts in their children's names to avoid paying tax on the interest, dividends and capital gains. Your child (up to age 24 if a student) cannot have earned income of more than half of his/her support. If the child has more than $1,800 in unearned income, it will be taxed at the parent's bracket.

4. Don't forget to tell you're preparer about any educational expenses you may have or have for your children. They should be comparing the actual tuition and fees to the education credits available.

Call or stop by my office for all of your Accounting and Tax needs! If you have a topic of interest, call me and maybe we can include it in the tax tips. I can be reached at 718-318-8829 or by e-mail at ssandcpa@yahoo.com and my office is located on 438 Beach 129 Street, 2nd Floor.

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