Tax season has begun, and several new laws may affect you this year and in the years to come.
An additional standard deduction is available to non-itemizers for real property taxes for 2008 and 2009. Taxpayers are allowed to take an additional standard deduction amount for a real property tax deduction, which is the lesser of either the amount allowable as a deduction under the itemized deduction rules for state and local real property taxes or $500 ($1,000 for a joint return).
For the 2009 tax year, there are a few changes to maximum retirement contributions. The maximum contributions to most defined contribution plans rise to $16,500, an increase of $1,000 over the 2008 tax year. Individuals 50 and older can make an additional $5,500 catch-up contribution for a total of $22,000.
Maximum contribution to a SIMPLE IRA increases to $11,500. Individuals 50 or older can make an additional $2,500 catch-up contribution for a total of $14,000.
There is no change in the contribution limits for Traditional or Roth IRAs. They remain at $5,000 with the $1,000 catch-up contribution for individuals 50 or older.
If you’re looking for professional help with your taxes, consider letting First Command Tax Services handle your return this year. Our experienced tax professionals are ready to help.
Or, if you prefer to prepare your own tax return, First Command offers Complete Tax, an online service that allows you to e-file or print your tax return for a nominal fee.
And this year, clients will now be able to upload sensitive information through Command Center—First Command’s online portal—and have the benefit of a more secure e-mail system. Uploaded information is now transmitted directly through First Command’s exchange server and does not have to travel across the Internet before reaching its destination. It’s just another way First Command is working to make the tax filing process quick, convenient and safe.
First Command’s Tax Services Web site offers a number of helpful tools for tax preparation and planning, including information about additional recent tax law changes, access to tax preparation documents and several online calculators.
For more information on First Command Tax Services, talk to your First Command Advisor, call (877) 356-0399 option 5, e-mail taxservices@firstcommand.com or visit us online at www.firstcommandtaxservices.com.
First Command Tax Services is the exclusive tax preparation service of First Command Financial Planning, Inc. (Member SIPC, FINRA). This article is provided for information purposes only and should not be considered tax or legal advice. Should you require tax guidance specific to your situation, please contact a tax or legal professional.