Stacy's Tax Tips
Here are some more tips and stimulus info:
1. The American Opportunity Education Tax Credit will replace the Hope Credit starting in 2009 and give a $2,500 partially refundable credit to cover each of four years of college (versus the two that the Hope Credit previously covered.)
2. Families may now use funds from a 529 college savings plan to purchase computers and computer technology for their children. Previously it had to be required by the college.
3. The approximately $20 per week in extra pay probably won't be seen by taxpayers until around June of this year.
4. Do you spend any money towards your job for supplies, travel, etc.? Make sure you tell your preparer as unreimbursed employee expenses may be deductible for you.
5. Your car may help you more than you know if you use it for your job. Commuting is not deductible, but if you use it for work, you can claim 50.5 cents per mile for January to June and 58.5 cents per mile for July-December less any amounts reimbursed.
This can be a great deduction. If your tax preparer is not asking you the right questions, you should be asking them!
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