Tax Talk - The 20/20 tax resolution blog

Now is about the time that time of year that people begin thinking about all the things to do for filing a federal income tax return.

Have you ever wondered if there is a convenient one-stop resource to locate answers to all the questions you have regarding any new IRS changes in laws, regulations, credits, or deductions?

The good news is that the Internal Revenue Service has a comprehensive Publication 17, Your Federal Income Tax that highlights all the ways to take advantage of the newest tax credits available in 2009.  Specifically, you’ll find information on making work pay credits, American opportunity education credits, earned income credits, first-time home buyer credits, energy credits for homeowners, and numerous other credits that can help save money.

The downside is that this publication is over a whopping 300 pages. Publication 17 in its entirety can be accessed directly via the IRS website in PDF format.  However, we found that the best way to digest the information to ensure that you obtain all the necessary details is to use the IRS’ interactive guide that has over 6,000 links to answer all your questions.

Most importantly, it is recommended that you consult with an expert regarding all the planning necessary to complete your 2009 tax return.  If you have any questions about how these credits will be interpreted in the face of a back tax liability contact us at 20/20 for your free consultation.

We wish you well in this tax planning and holiday season!