Robert D. Respess Tax and Accounting Service, P.A.

Monthly Newsletter

Our Commitment:
We guarantee efficient and honest tax services

Cost effective solutions for all your financial needs.
Payroll and bookkeeping specialists.
Individual and Corporate taxes.

 

Make sure you are financially fit:
Reveiw your taxes before it is too late.
The new year will bring many tax law changes.
  • First time Home buyer tax credit
  • Unemployment Benefits
  • American Opportunity Credit
  • Retirement Savings
  • Charitable Gifts
  • Medical Expenses



Essential Tips for First-Time Homebuyer
Tax Credit

Congress has extended and changed the benefit which makes it even more generous for so many people. The new provision is a true dollar for dollar tax credit of up to $8,000.00 for 10% of the cost of a home. The credit is also refundable meaning even if one did not owe $8,000 in taxes you could still claim the credit and receive a refund check.


    Healthcare Expenses

This has been  one of the least useful deductions in the tax code, unless a taxpayer is seriously ill or in a nursing home. The reason for this was as taxpayer must spend more than 7.5 % of their adjusted gross income to claim this deduction. Now that the insurance cost are rising and coverage is diminishing plus this years's economic tumult may qualify more people for this deduction. Taxpayers may deduct all un-reimbursed medical expenses recognized by the IRS. This catgory will include after-tax dollars spent on insurance premiums. Medicare Part B and D co-payments for drugs and treatments.

These are only a few credits that we have mentioned please call our office or set an appointment to go over all your tax questions.
(352)-472-5434
            


                    

11 Tax deductions that are overlook the most:

State sales tax

Reinvested dividends

Out of pocket contributions

Moving expenses to take first Job

Student loan interest paid by Mom and Dad

Child care credit

Property tax deduction for non-itemizers

Earned income tax credit

State tax you paid last spring

Refinancing points

Jury pay paid to employer 


                     

Tax Credits help pay for Higher Education

The credit can be claim for certain fees and tuitions paid for high education in 2009 and 2010. Credit is worth up to $2,500.00 and is based on percentage of the cost of qualified tuition and related expenses paid.

 

For more information on the credits for education please call our office and set an appointment to go over all your options.

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