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Posts from January, 2010

  • Deduction for Sales and Excise Taxes Imposed on Purchase of New Motor Vehicles In 2009, you can deduct the state or local sales and excise taxes imposed on the purchase of a qualified motor vehicle after February 16, 2009, and before January 1, 2010. A qualified motor vehicle includes a passenger automobile, light truck, or motorcycle, the original use ... Continue Reading
  • Standard Mileage Rates for 2010 Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pick-ups or panel trucks) will be: 50 cents per mile for business miles driven by a self-employed individual or employee 16.5 cents per mile driven for medical or moving purposes 14 cents ... Continue Reading
  • Residential Energy Tax Credits Nonbusiness Energy Property Credit You may be able to take a credit of 30% of the costs paid or incurred in 2009 for any qualified energy efficiency improvements and any residential energy property. The credit is limited to a total of $1,500 for tax years 2009 and 2010. ... Continue Reading
  • The Homebuyer Tax Credit – Expanded Amount of the Credit Generally, the credit is the smaller of $8,000 ($4,000 if married filing separately), or 10% of the purchase price of the home. Long-time resident of the same main home. Generally, the credit is the smaller of $6,500 ($3,250 if married filing ... Continue Reading