2009-03-27 / Columnists

Stacy's Tax Tips

Commentary By Stacy Sands, CPA

As we approach the last two weeks of tax season, this will be my final tax tips of this season. I hope you found it helpful and if you would like to see my tax tips next year, please let The Wave know.

1. So many people have debt and many are getting some of it cancelled. Keep in mind that cancellation of debt by your mortgage company is most likely going to be tax free until 2012 (up to 2 million in most cases.) Cancellation from credit card debt has to be picked up as ordinary income on line 21 of your tax return; however, insolvency and bankruptcy are two ways to possibly avoid tax on it. Speak to your tax preparer for details.

2. Many energy credits were not allowed in 2008 but continue in 2009. Be sure that you speak to your advisor before you spend any money on those items to ensure that you fall into the period where they will be deductible.

3. The IRS has finally come up with rules for those of you who suffered losses from Madoff or another Ponzi scheme. Ensure that you speak to your tax advisor so that you treat those losses properly.

4. A one time payment of $250 will be made in 2009 to Retirees, disabled individuals, SSI recipients, disabled veterans receiving benefits from the U.S. Department of Veterans Affairs and Railroad Retirement beneficiaries. The IRS will not be sending that money. The department that you receive your benefits from will pay you — contact them for more details.

5. Don't wait until after 2009 to speak to a tax advisor as it may be too late to take advantage of some of the tax savings offered for 2009.

6. Lastly, if you are not filing on time, DO NOT FORGET to file an extension and remember, the extension is on filing, there is no extension on paying!

Call my office year-round for all of your Accounting & Tax needs! 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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