Home > Strictly TAXES! > Expiring Tax Breaks Renewed

Expiring Tax Breaks Renewed


Several popular tax breaks that expired at the end of 2007 were renewed for tax-years 2008 and 2009. As a result, eligible taxpayers can claim:

The deduction for state and local sales taxes on Form 1040 Schedule A , Line 5
The educator expense deduction on Form 1040, Line 23 or Form 1040A, Line 16
The tuition and fees deduction on Form 8917 and
The District of Columbia first-time homebuyer credit on Form 8859

In addition, the residential energy-efficient property credit is extended through 2016. In general, solar electric, solar water heating and fuel cell property qualify for this credit. Starting in 2008, small wind energy and geothermal heat pump property also qualify.

The non-business energy property credit for insulation, exterior windows, exterior doors, furnaces, water heaters and other energy-saving improvements to a main home is not available in 2008 but will return in 2009.

Visit our website at www.efileflorida.com for more up to the minute informative tips and articles. If you would like to schedule and appointment for professional income tax preparation, call us at 954-583-8534. New customers, mention our blog and recieve a $25 discount!

Categories: Strictly TAXES!
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