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CPA and Tax Accounting Practice based in Philadelphia, Bucks County, Northeast Philadelphia, Delaware Valley
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The Tax Accounting Season: 2009 - looking after 2008 Returns
Did you ever notice that when you put the two words "The" and "IRS" together it spells: "THEIRS?"
Well, it's tax time again, but the good news is that a number of changes in the tax law should assure that more of the money you earn is "yours" and not "theirs."
For example, there is a new deduction for mortgage insurance premiums paid on mortgages taken out or refinanced during the year, and there is a new credit for energy saving improvements (including insulation, exterior windows, exterior doors, water heaters, central air conditioners, furnaces, and hot water heaters).
Also, the standard mileage rate for business use of a car has been increased to reflect higher gasoline prices, and there are
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new higher contribution limits for IRAs and other retirement plans. In addition, The Tax Increase Prevention Act of 2007 increases the AMT exemption amount and allows taxpayers to use most nonrefundable personal tax credits to offset AMT liability (don’t understand what that means or how it may decrease your taxes - don’t worry, we do).
These are just a few of the changes that will reduce your federal income tax this year. As always, we would appreciate the opportunity to prepare your taxes again this year. We will be
accepting appointments from 8 AM to 8 PM Monday through Thursday, 8 AM to 6 PM on Fridays, and 10 AM to 3 PM on Saturday and Sunday. Please call to schedule an appointment.
Accounting and accountants can help with those tax returns.
This accountant can help you in all states, although our accounting offices are in Bucks County -- near Philadelphia, North East Philadelphia, and the Delaware Valley Area.
Sincerely,
Robert Scotese, C.P.A
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