Did You Miss These 2009 Tax Law Changes?
We saw many tax changes in 2009.  While some will carry over into 2010, some will expire at the end of this year.  Once January 1 gets here it’s too late to reduce your 2009 tax bill, so take advantage of these tax breaks now. RMDs Suspended for 2009 One of the biggest changes for 2009 was the suspension of the rules requiring individuals over age 70 ½ to make withdrawals from certain retirement accounts.  This suspension applies to 2009 only, so seniors will have to resume taking their required minimum distributions in 2010. First Time Homebuyer Tax Credit

3rd Quarter Tax Estimates Due Today!
Just a reminder that your third quarter 2009 tax estimate is due today (September 15). You may need to file quarterly tax estimates if you are self employed, retired, have a side job or don’t withhold enough income taxes through your job or pension. Failing to send in estimates could result in a penalty if you expect to owe $1,000 or more when you file your return. To avoid the penalty for not paying enough estimated tax, you need to pay in at least 90% of your 2009 tax liability or 100% of your 2008 tax liability, whichever is less. Alternatively, you can choose to file and pay your 2009 taxes by January 31, 2010 to avoid any underpayment penalties.