This tax season, know the available deductions for homeowners

January 19th, 2010 Categories: Real Estate News

“Tax reform is taking the taxes off things that have been taxed in the past and putting taxes on things that haven’t been taxed before.”

– Art Buchwald

A mere 96 days remain before your federal income tax return must be sent to the Internal Revenue Service.
Now is the time to start preparing so you can take all of the deductions and credits authorized by law.

True, you can file IRS Form 4868 and receive a six-month filing extension, but you still have to pay the full amount of the tax you owe for last year, which means you at least have to prepare a careful estimate of your liability.

A good first step in determining your tax obligation is to go to the IRS Web site, where you will find a host of publications to download. Perhaps the most comprehensive publication is No. 17, a 280-page booklet titled “Your Federal Income Tax for Use in Preparing 2009 returns.”

Read the rest of the story at Valerie Fitzgerald Group.