Dave Rumsey, CPA | Pettis Rumsey Inc. P.S. | 4229 76th St. NE, Suite 102 Marysville, WA 98270 | Phone: 360-659-8502

       

 

 

David Rumsey, CPA

Pettis Rumsey Inc.

 

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6 Filing Tips For Your 2010 Tax Deadline

 


Well there are just a few weeks to go and like every tax season there are always a range of topics that come up multiple times.

To begin with there was the compromise by the President and Congress in late December that extended the tax cuts from the Bush administration. This gave us all some certainty to plan for through 2012.  It also setups a showdown for the next presidential election cycle that will define the future of taxation.

Here are a few other topics to be aware of in filing your 2010 taxes:

Energy Credits - Making certain improvements that promote energy efficiency to your personal residence during 2010 can be used to claim a credit of 30% of costs up to a maximum of$1500. Some of the improvements include furnaces, insulation, windows, and doors. Remember this is on your home not rental property.

 

For rentals you can still deduct the improvements or depreciate them, there just are not any tax credits like there are with the home improvements. Unfortunately this credit is not available in 2011.

Education Credits - Yes there are still Education credits to be claimed by taxpayers and their dependents for tuition, fees, and in some cases books. Once again it is a credit and be aware to claim it on your return you need to claim the student as a dependent.

 

Just make sure the dependent didnít file his or her return claiming themselves even though they made only $2,000 on a part-time job. It is better for the dependent to amend their return and for the parents to claim the dependent and take the education credit.

Sales Tax - Every year I get questions about if my client is itemizing can they still deduct the sales taxes paid in 2010. The answer is yes and part of the confusion is that this deduction is usually in flux as to whether it will be around. Just a quick recap the IRS allows you to deduct sales tax paid in 2010 by saving your receipts.

 

A lot of my clients donít want to do that so we use the IRS table provided that calculates a deduction based on income, location, and number of dependents. It also allows taxpayers to claim additional deduction for sales tax paid on major purchases such as cars, boats, RVs, and major home improvements.
 

To read the other 3 Tax Tips, click here to see entire article on my web site or click here to download the article PDF.
 

To read other past articles on our web site click here or go to www.PettisRumseyCPA.com and click on the Articles link.

 


 

As always you can call our offices if you have any questions about these or any other accounting related issues, at 360-659-8502. 

 

Regards, David Rumsey, CPA

 

 

 

 

Dave Rumsey, CPA | Pettis Rumsey Inc. P.S. | 4229 76th St. NE, Suite 102 Marysville, WA 98270 | Phone: 360-659-8502 | Fax: 360-653-4019 david@pettisrumseycpa.com | www.PettisRumseyCPA.com