Whats New for 2009?

Making Work Pay Credit

Individuals with earned income in 2009 may be able to claim a tax credit of up to $400, $800 if married filing jointly.

First time homebuyer credit

For a purchase in 2009 before December 1, 2009, eligible homebuyers may qualify for a tax credit of $8000 or, if less 10% of the purchase price.

Hope Education credit expanded

The Hope credit for 2009 and 2010 has been expanded and renamed the American Opportunity credit. The maximum credit is generally $2,500 per student and it is allowed for the first four years of post-secondary education.

Unemployment compensation partially untaxed

Recipients of unemployment compensation in 2009 may exclude from income the first $2,400 of benefits received.