With every new year there is at least one new income tax law that a taxpayer can utilize to reduce their taxes.
One of the new laws assists those that do not itemize their deductions.
One of the extras is the deduction of state and local real estate property taxes.
For single individuals, this can be up to $500.
For married couples filing jointly, the maximum amount is $1000.
The total amount you deduct can't exceed the amount of real estate taxes you actually paid.
If you purchased a new qualifying vehicle between February 17, 2009 and December 31, 2009, you can add as part of your standard deduction the state, local and excise taxes you paid.
This deduction is only valid on the taxes for the first $49,500 of the vehicle's price.
If you lived in a disaster area in 2009, then you are eligible for your personal casualty losses.
To qualify, the disaster area must be designated by the federal government.
To file for some of these additions to your tax return, there is now a schedule L form.
The amount is then placed on line 40b on your 1040 tax return form.
Your standard deduction will still go on line 40a of the 1040 form.
For those that itemize their tax return, there are new deductions this year including the expenses that you encountered when looking for a job.
This is only the expense you incurred in 2009.
Each year, congress passes a new income tax law or tax act.
Know what it is and how it affects you to help minimize your tax burden.
Of course, the above is not legal or accounting advice -- it is for informational purposes only.
Before making any decisions regarding legal or tax matters, it is vital that you consult a licensed professional lawyer or tax accountant.