2009 Boulder Tax Return Tips

It's tax season, and if you are like most people, you probably have a lot of questions for your Boulder tax return preparer. The good news is that no matter where you live, there are tax tips for 2009 that can help you. The IRS has made several tax law changes this year, and this article will discuss some of them.

There were several important tax law changes made this year that taxpayers should be aware of. Most importantly, the standard deduction for most taxpayers has been increased to: $10,900 for married couples filing jointly and for widows and widowers that meet the income qualifications, $5,450 for married couples filing separately and for singles, and $8,000 for heads of household. Taxpayers can also claim additional standard deductions determined by state or local real estate taxes paid in 2008.

The contribution limits for IRAs and other types of retirement plans have also increased this year. More people can now make tax-deductible contributions to traditional IRAs, depending on marital status, and whether or not you are covered by your workplace retirement plan and have a modified adjusted gross income between $53-$63k for singles and heads of household, and $85-$105k for married couples.

The IRS requires you to file a tax return if your income is above a certain level, which is determined by age, filing status, and income type. Married couples younger than 65 are not required to file until their joint income reaches at least $17.900, for example. Even if you are not required to file, however, there are some reasons that you may want to consider filing.

For instance, if you have at least one child, you may be able to receive a child tax ,credit. If you recently bought a home and have not owned a primary residence in three years, you may qualify for a Homebuyer credit. There are other reasons why you might want to file this year even if you are not required to, and your Boulder tax return preparer can help you determine whether you qualify for any additional deductions.

April 15th will be here before you know it, so don't wait until the last minute to file your tax return. Whatever your filing, income, or marital status, make sure to ask your CPA about all possible tax deductions and credits that apply to you, and get the most back from your Boulder tax return this year.

By: Connor Dylan

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