Special Edition Tax Tip 2009-12
Well not the post I was hoping to get out next, but when you have days. . . . Below is a copy of an e-news release. I am busy trying to get the blog rolls up and complete today or at least for another hour or so. I hope to work on the Quotes tomorrow.
Seven Facts about the Non-business Energy Property Credit
Taxpayers who take energy saving steps this year may get bigger tax savings next year. The Nonbusiness Energy Property Credit, a tax credit for making energy efficient improvements to homes has been increased as part of the American Recovery and Reinvestment Act of 2009.
Here are seven things the IRS wants you to know about the Non-business Energy Property Credit:
- The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 claimed for 2009 and 2010 combined.
- The credit applies to improvements such as adding insulation, energy-efficient exterior windows and energy-efficient heating and air conditioning systems.
- To qualify as “energy efficient” for purposes of this tax credit, products generally must meet higher standards than the standards for the credit that was available in 2007.
- Manufacturers must certify that their products meet new standards and they must provide a written statement to the taxpayer such as with the packaging of the product or in a printable format on the manufacturers’ Website.
- Qualifying improvements must be placed into service after December 31, 2008, and before January 1, 2011.
- The improvements must be made to the taxpayer’s principal residence located in the United States.
- To claim the credit, attach Form 5695, Residential Energy Credits to either the 2009 or 2010 tax return. Taxpayers must claim the credit on the tax return for the year that the improvements are made.
Homeowners who have been considering some energy efficient home improvements may find these tax credits will get them bigger tax savings next year.
For more information on this and other key tax provisions of the Recovery Act, visit the official IRS Website at IRS.gov/recovery.
Links:
- Energy Incentives for Individuals in the American Recovery and Reinvestment Act
- IR-2009-98, Expanded Recovery Act Tax Credits Help Homeowners Winterize their Homes, Save Energy; Check Tax Credit Certification Before You Buy, IRS Advises
- YouTube Video: Home Energy Credits: English | Spanish | ASL
Reads from Last Week. . .
Well, I have been having computer problems and not doing the things I’d normally be doing. Then When I finally did get back online, A friend of mine asked me about this post. He knew I’d meant to get it out this morning and was checking to see if I had changed my mind.
For those of you new to my new site, and those who have been regulars from the start, “Reads from Last Week” formally known as “Passing the week” is where I bring to you all my reading and searching for information you should have, or some just plain good reads. “Reads from Last Week” is going to be my regular postings of blogs (and their links) that I read and felt a need to pass on to you. Or like I said, just some plain good reads.
I meant to do many things this weekend but with the PC down I found I was unable to get it all done. The biggest thing was to get my blog roll up here. My way of making it easier for you to find what you need without having to wait on me to fill you in on Sunday. I will get my blog roll up this week, or so is my plan. So, in that regard, I hope you’ll all be tolerant of my slowness. I will do my best to get it up here, with some new additions.
With that, let us start with whose new out here. (Or new to my regular blog reads.)
Starting with Monica Lawver who writes The Tax CPA. As she puts it, “In general, my writing has been sadly lacking of late, due to an unexplained lack of ideas.” But don’t let this fool you, she is right on. When she does post, she gets it. She is a great tax blogger and CPA. You can also find her at Confessions of a CPA on facebook. 
Somebody new is Stacie Clifford Kitts, CPA. She writes Stacie’s More Tax Tips (A blog about – Duh – Income Tax) Self-employed, her home office is in California. Where she keeps her husband up late typing out her blog late at night. I had the great pleasure of meeting her and her husband during a trip they took. We shared only about an hour and a half over lunch. If you can imagine, we talked about tax blogging almost the whole time. (See picture of us) She has lots of great post. I have not listed any here today as for today I am just making introductions.
Now for the usual suspects:
Taxgirl writes 2010 Not Likely to Be All That Different From 2009. Just in case you were wondering about how things are shaping up, this will give you the look into it. . . other reads from her you should check out: Driver Kidnaps Tax Officials to Avoid Paying Tax, IRS Targets Wealthy for Enforcement, and My Anniversary.
Tax Law Forum a blog written by Rob Teuber Writes The Best Tax Advice Ever. This is his best, pointing you to his regular article in the Wisconsin Law Journal.
My blogging mentor and friend writes IT’S THAT TIME OF YEAR AGAIN! And he is correct, “It’s “That Time of Year Again” – time to do your year-end tax planning.” I try and get mailers out to my clients this time of year but don’t always get them out to everyone. Now a days I may follow the lead and use the internet to do all I need it to do. Read this even if your tax professional send you your planning tools.
If you have ever wondered Where does he get all those wonderful views a must read is WHAT ABOUT BOB? Beautiful my friend.
The is a lot going on with the Homebuyers credit. I am pointing you towards Tick Marks who links to others views. “Fool Us Once, Shame on You; Fool Us Twice…” (ican’t get the link I want, so this one tales you to Tick Marks, the post was up on October 30th)
Some great post over at Taxable Talk. One of real interest to me as a I wonder “whose thinking in the White House” sorta way Do Businesses Base Decisions on Taxes? Also a must read is The Responsibilities of a 
Tax Preparer. This leads to a great two part post from another blogger, and continues the discussion.
Not just Anyone can be a partner is an eye opener from my friend Joe Kristan
The IRS Hitman writes IRS Tax Debt: How to Pay the IRS with Easy Monthly Payments. He also has an interesting video. The IRS Hitman Video “I discuss my motivation for leaving the IRS and joining the good guys.” If the chance ever comes about, I will definitely take him to lunch.
One of my Favorite tax bloggers, isn’t a preparer but a writer. Kay bell who write the blog Don’t Mess With Taxes has a great look at the Tax cheat crackdown, at home & abroad. Please read.
P.S. Kay where are you getting all your wonderful pictures. I really like the blue in the photo on your post, Reconfigured home buyer tax credit.
Excuse me, back to work here, PLEASE read Get ready for increased audits.
From A Personal Finance Guide, as tax season approaches there is a few things to think about first. One big one is Wise Spending Tips This Christmas, also see Don’t Go Into Deeper Debt This Holiday Season. Guess I am not the only one thinking about the big guy in the red suit.
From CashMoneyLife, 2009 Year End Tax Moves, all things we need to know, this is a part of Tax Planning” Is a great piece. Do You Know How Much Interest You Are Paying Each Month? I wonder how many of us actually know the answer to this. Is better if I don’t know how many, I have enough “fun” keeping up with my own. As always Patrick, excellent.
Living almost Large makes you really think with Are 401k a mistake? Also, have you ever asked “Does it suck to live within your means?” find the answer in the post Living within your means? If this is you stop it, stop living outside your means. And for sure stop living paycheck to paycheck. Think! Everyone just think, common sense goes a long way. Your money won’t.
MoneyCrush is sorta’ a new site. Okay it is a new site, but the owner isn’t new to blogging. Formerly Blunt money owner switched to new site. Is a great new look and still a great read.
From MoneysavingGuide.com something we all think about When is a Great Deal Not Worth It? Use the check list. And if you missed it, Money Saving Guide Makes Debut on ABC News Now.
Ever wonder how? Well here are 5 Steps to Closing Old Bank Accounts. This comes to us from Kevin over at No Dept Plan.
More friends of mine from the big Ca. comes a great collection in the Carnival of Pecuniary Delights No. 24: Friends Edition. I really like the friends clips. Please go and check this out. (Ever wonder what I might be like, well according to a Facebook application I am the character Chandler Bing. “OMG!”)
My friend Andy over at Saving to Inve$t has a number of need to rtead post. Please read them all. Tell him Bruce sent you.
- No Increase, but Congress to Extend $8000 First-time Home Buyer Tax Credit into 2010 and Make Available to More Home Buyers and Owners
- Retirement 401k and IRA Accounts – Have You Rebalanced and Reallocated based on Changing Market Conditions and Contribution Limits?
- 10 Deadly Mistakes Buyers Make When Purchasing a Home and How to Avoid Them
From a local friend (one who I should really take out to lunch or something) and blogger, we learn that Social Security COLA Could Be 0% For Next Few Years. Yesterday she posted Reverse Mortgages – What Should You and Your Parents Know Before Applying? This is a must look if you are thinking along those lines.
Lastly but for surely not least my friend Chad and his wife, owners of Bordeaux & Bordeaux CPAs in their blog Chad writes Roth IRA Conversion Rules Changing – Have You Reviewed Your Tax Plan – Part V, I recommend this along with parts one through four. And this one.
And there you have my list of readable post from those around the “sphere”. If you are a blogger or an
avid reader of lots of different blogs please point my towards those that you like. If possible I will get it here so that all can see. 
As for future “Reads from Last Week…” I will try and get those out on Sunday, so you can read them after you morning paper read and coffee.
photo credit: Brenda Hervold
Welcome to the new site address. .
Welcome to my new site for this blog. As you can see I have changed it around a bit. Okay a lot.
Reason for the change is, well, not sure. Basically just decided the place needed remodeled. That is what has been taking so long. Locating a theme and then tweaking it to something that is enjoyable on the eyes and easy to move around in.
I don’t have all the bugs worked out of a few things so if you experience problems please let me know.
The design here, is one that I am hoping has a faster load time. I also have added a few things and removed a few more. I won’t be advertising other than for other Blogs.
Things that are still missing:
As with all new things, it takes awhile to get them rolling correctly. To that end please not that my blog rolls are not yet posted but will be. My quotes didn’t make the move so I need to re enter those by hand, and will do so as time permits.
I haven’t figured out how to change the feed from the old to the new. I have a feed for this site, just not sure how to guide my feed readers here from the old. A work in progress and a plea for help. If you know the feedburner way to do this pleas email me from my contact page.
What’s New: (aside from the obvious)
I have a new widget “Related Posts” that will announce other post within this site that may be related to whatever current subject I have written about. It is active now and has added to past post. If this works out for all, this feature will be staying.
In an effort to spruce things up a bit (let us face it, taxes can get a bit boring/dull), I have added a plug-in that will help me find and inset pictures into my post.
There is a widget on the side that allows me to let everyone keep tabs on what book I may be reading. . . This seems somewhat bothersome but if the feedback is good, it will be something to keep using.
I have entered a lot of new spam blockers (spam in the comment section is very annoying). At the bottom there is a small counter showing how much spam is being blocked.
You will notice a link at the bottom to share post on facebook. I have become a big facebook fan. Mostly playing the games (three of them anyway), but also as a communication tool.
Below that you will see “Share and Enjoy” this is a plug in that will allow you to share post via your favorite social network. If you don’t see yours please contact me and I’ll add it.
For now that is about it. I am still tweaking things trying to get them just so, Please have a little patients with the re birth of the site. If there is some trick or gadget you would like to see here please let me know.
Thanks and enjoy. 
photo credit: fontplaydotcom
Bruce
The Truth About Paying Fewer Taxes.
I read a lot about the taxing world. Often I am searchingto find books to recommend to my clients to give them a better understanding how a tax return works and what is needed to make it work best and what they can do to minimize their liability. The Truth About Paying Fewer Taxes is by far the best book I have ever come across to accomplish just that.
The Truth About Paying Fewer Taxes is a book with “52 Truths” about taxes. It plainly answers questions like ”do you have to file?”, to “when?”, to figuring out just what is taxable all the way through to retirement. Also covering Compliance, Audits, and Special Tax Situations The Truth About Paying Fewer Taxes will give you a better understanding of taxes, thus giving you what you need to cut your taxes.
The Truth About Paying Fewer Taxes, is a book written by Kay Bell. Kay is a fellow tax blogger (Don’t Mess With Taxes, Taxes: Eye on the IRS), She helped create Bankrate.com’s tax channel and continues to be a major contributor to Bankrate’s Tax Guide. I have had occasion to talk with Kay on the phone, and I communicate regularly with her via Twitter.
Kay’s writing is beautiful and gentile, like reading a great novel.
You can see a full list of the 52 truths just by looking at Barnes and Nobel’s Feature tab for The Truth About Paying Fewer Taxes Each one of the truths is explained in detail and in plain language, so you can save money and understand why you’re saving money.
I have been recommending this book to every one of my clients, and will continue to do so from now on.
I have a signed copy (yes, signed by Kay Bell the author) of The Truth About Paying Fewer Taxes and will be giving it away here.
How to enter:
Each of the following will count as one entry for a chance to win.
Please read the Contest Terms below.
ü Leave a comment on this post stating how you prepared or will prepare your taxe return. (self, fast-food chain, CPA, software, free-file, Other-please describe)
ü Subscribe to my RSS feed and leave a comment below to let me know you did so, or
ü Subscribe to my email feed leave a comment here using the same email address with which you subscribed. (this will gain you two entries for the drawing)
ü Blog about this contest and link back here from your blog. (Leave me a comment and link to your blog post here to let me know.)
ü Follow me on twitter – @bruce_taxguy. Leave a comment here with your twitter username.
ü Tweet about this contest and leave a comment to let me know you did so.
Bonus Entries: Leave comments on other posts on this blog. If you’re new to taxguy, visit earlier posts. The comment(s) must show some thought and not just “I agree” or “Great idea.” Come back to this post and let me know which post(s) you commented on. Each approved comment will gain you an additional entry.
Contest Terms
Ø The contest begins now and ends at 11:59PM EST on March 17th, 2009. Comments to this post will be closed at that time.
Ø 1 winner will be randomly selected using a random integer generator at random.org.
Ø I will contact the winner via the email address used to comment here.
Ø The winner will have 3 days to respond with necessary contact information for mailing prize. (I will send a 2nd notification email after 2 days if we have not heard back.)
Ø If the winner does not respond after 4 days, a new winner will be selected from remaining entrants.
Prize Terms
While I will do my best to ensure proper delivery of the winners autographed copy of The Truth About Paying Fewer Taxes, I am not liable for non-delivery due to:
v Incorrect mailing and contact information provided by the winner
v Loss or error on the part of the postal service or delivery personnel
v Any other matter beyond my control
Week ending . . .
Wow! What a week this has been. Not just in my world but around the world. As much as I’d like to talk about what is going on “everywhere”, I think I had better just stick with the taxing world and the world of taxguy.
Nine days ago I transmitted the first e-file return. Following that transmitted return, I started to complete a few other returns as the official start of tax season began. (Are you ready?) With it being officially the filing season, I thought I’d throw some info out there for you to help you get going.
We have a new president and he is off and running. The neatest thing so far that I have noticed, is President Obama created WhiteHouse.gov. “WhiteHouse.gov will be a central part of
President Obama’s pledge to make his the most transparent and accountable
administration in American history.” If you want to follow along with what is happening this is a very interesting site, along with a blog. Follow our government in a new and unique way.
Understandably, it is a work in progress but the information it is making available so far is really interesting. You’re able to find out about the Agenda of the new administration as well as read short bio’s on them. History of the White House, and other great informational places. I haven’t searched it all, but what I have read and seen, I think this is really interesting.
Second chance for economic stimulus check is a great informational tip from Bankrate.com. Every weekday until the end of tax season, Bankrate.com will be providing these tips. I strongly recommend to everyone to check these out.
I was lucky enough to take part in Second chance for economic stimulus check. Myself with fellow tax blogger Robert The Wondering Tax Pro have been included in the observations and insights of this article wonderfully written by Kay Bell. Thank you Kay for allowing me to provide my input.
Along those lines, I was also given the honor to join the ranks of tax professionals who were able to “vent” about a few client aggravations. As Kay Bell writes in her post Are you a good or bad tax client?, “. . . the truth is if you and I were better clients, we’d not only make our tax advisors’ jobs easier, we’d likely end up with a better tax result. That adage “garbage in, garbage out” applies here; even the best tax professional can only work with what he or she gets from the taxpayer.” The post is great, from a prepares point of view.
Finally, while I seem to be focusing on the writings of Kay Bell, the author of Don’t Mess With Taxes, Kay as also written a book that is now available. The Truth About Paying Fewer Taxes was released last week. I haven’t received my copy as of yet (UPS tracking says I’ll have it Tuesday).
February, I will be posting a book review of The Truth About Paying Fewer Taxes, and I will be having my first giving away, a signed copy by its author. So you’ll need to stay tuned for more information.
Okay, what else has been going on around the blog-o-sphere?
Grocery Store Mind Games form Wide Open Wallet is a real eye opener. “. . . according to studies as much as 60 to 70 percent of all purchases at the grocery store are unplanned.”
The Contest at Pecuniarities ended last night. Still waiting to hear who won. Also from Pecuniarities, Carnival of Personal Finance No. 188: The Jane Austen Edition has some great reading. You have to click the links.
File Your Income Taxes Online for Free is a post from No Debt Plan. The IRS has a list of all the places that offer e-file, most of which you have to click the link from within the IRS website. OF them all which is best? Well neither I or anyone else can answer for you without knowing your situation, but “. . .there is a pretty simple weeding out process you can do. Check the websites of the companies listed.”
This week Living Almost large reviews the book Coming Up Short – The challenge of the 401k plans. It’s a book talking about the challenges facing 401ks and what has happened since their inception in 1981. I love the history. But this isn’t just about the history. Read the review, get the book.
Guesstimating take-home pay from a job is a great bit of info for those trying to figure out their take home pay.
There are two post of interest at A Personal Finance Guide. “Becoming smart about money and thriving requires more than a basic financial plan. Knowing how much you need to put away for retirement or college is all very well but to achieve your goals and dreams you need a lot more than mere time-value-of-money calculations. There are many more aspects to being successful. . .” They are discussed in part here. Money and Success – Become Smart About Money and Thrive in Three Basic Steps. And Learning to Save Money Isn’t As Hard As You May Think, it may be a “. . . challenge at first, but the more you do it the easier it gets.”
Filing your taxes: D-I-Y Taxation Software or a Professional Preparer is a great post from Andy. (Even though I thought a small bit of info was miss-communicated.)
The Certified Financial Planner Board of Standards recently provided ten tips on selecting a financial planner as reported and linked to at Tick Marks in the post Planning to Choose a Financial Planner–10 Questions to Consider.
KEEPING TRACK OF BUSINESS MILEAGE and BRIDE OF KEEPING TRACK OF BUSINESS MILEAGE are both great pieces on keeping track of well, yes, your business milage from The Wondering Tax Pro.
Peter over at The Tax Lawyer’s Blog has a real look at on a few things in his post Repeal the Corporate Income Tax and Bring Those Jobs Back Home.
Kelly from Taxgirl reports Google ate Feedburner.
California Tax Refunds Delayed as reported by Russ Fox at Taxable Talk. Have you considered what you would do if this happened in your state?
Being from Oklahoma I always find interesting some of the things I hear from down there. The Tax Foundation Oklahoma’s Budget is ######## is just more interesting info from there.
Joe Kristan from Roth & Company, P.C. Tax Update Blog, reports Ways and Means passes stimulus bill, but weakens 5-year NOL carryback. Hummm.
He also looks at IRS guidance on reporting K-1 percentages.
Next post scheduled for 02/01/2009
Episode #113
Well, in my world, tax season has begun and I must focus all energies on just that. For my final live post I am going to mention to all taxpayers that of everything I have put in this blog, the single most important thing for you is that I believe you need a tax professional in your corner.
For those of you who do your own, I would ask that you please seek tax preparation assistance too. The money you spend asking questions and getting information from the preparer would well be worth the cost for the one hour charge to go over your situation with him/her. Not to mention you could find out a great number of things you didn’t already know.
For everyone, whether doing it yourself or having a tax practitioner prepare your return you need to gather all the information you can.
Also, putting the numbers to the paper/s yourself or having a pro do it I offer you the taxpayer with what I think is valuable information on my website. Please take advantage of it as it will become helpful. L & R Tax Preparation.
(The site is not completed yet, it still has very valuable information now. I will be working on it as time allows.)
In an effort to make sure I stay listed at alltop I will be posting the occasional re-post, looking for Guest post and/or I’ll be listing some of my fav readings in a Sunday listing of passing the week. . .
So the blog won’t be total still until mid to end April.
Thanks for being a part of the taxguy blog and I hope to see you all after tax season.
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Make sue to Enter contest at Pecuniarities to win a free subscription to the WSJ.
Passing the Week. . . .
Well this is hit, as with the election much has come to pass and I am sure much is being missed. So here I will try and direct a path to some things (mostly other articles) that are most assuredly interesting reads. What you walk away with having read all my suggestions is going to depend on your own open mindedness.
I have tried very hard not to seem one-sided in this election. I have been asked a lot of my opinion of who to vote for, based solely on tax issues. It is my opinion that basing my vote on just tax issues is an error and should be by you too.
However you or I voted, we have our next president. Like a new tax preparer you have just hired after using the same person for years, give him a chance before you say he was the wrong choice. Let us see what he does.
The Wall Street Journal has an opinion article written by Jeffrey Scott Shapiro that I found interesting titled The Treatment of Bush Has Been a Disgrace What must our enemies be thinking? He brings up a few interesting points about our current President.
“Mr. Obama won it the old-fashioned way: he earned it. He confounded history to get it. And because he replaces a president whose unpopularity has impeded his ability to govern, he is, in a way, president from day one.” A Quote from Peggy Noonan in her article The Children Are Watching America makes history, but the mandate is for moderation.
And many have said Sara Palin is great. I have even heard people say that they were voting for her. (Yes even though she was the VP nominee.) So what about her now? Again I direct you to the Wall Street Journal and their article Palin and the GOP.
President elect, now has a new site, www.change.gov. if you wanna now what is going on then this is an interesting site. As for his tax “agenda”, go to
http://www.change.gov/agenda/taxes/.
With tax season coming up a great reminder to everyone who files a return is to keep a copy of your return. This is perfectly discussed in this post from TWTP in his post KEEP A COPY
Getting on with the tax and finance world I have a new blog that I have been trying to follow amongst everything else I have going on now. Please venture over to check out A Personal Finance Guide.
There have been some talks about a new stimulus coming our way. I have even heard that “our leaders” are hoping to get it worked out before the reins are handed over to the new administration. Something I have noticed in this is the first one was a cost of 180 billion dollars, the one being discussed now is only 50 billion dollars. Keep that in mind please as you try and figure your next check from our government. For more on this please head over to Don’t mess with Taxes in her post New stimulus plan: tax cuts, not rebates.
Also see The Next Economic Stimulus Payment a great post with great links on this subject. Do read the links as well.
How President Elect Obama’s Administration Will Affect Your Finances » is a great piece by Patrick from Cash Money Life. If you haven’t been keeping up with things Patrick is doing some great posting.
A note from Joe Kristen gives a look at a scary thought in his post You don’t think House Democrats are serious about getting rid of 401(k) plans? Which is preceded with The campaign to ‘protect’ you from your 401(k) plan. Be sure to click the links within those post.
taxgirl endorses Obama, is a post that is a great read, I also urge you to read the comments for this post.
Peter from The Tax Lawyers blog gives a great and to the point look at Taxes 101: What Filing Status Should you Use? Also from Peter and a must read for everyone (my opinion) is his post 5 Most Earth Shattering Tax Opinions Ever Written. Go there, now.
The Wondering Tax Pro gives us a look at WHAT THE IRS WILL BE UP TO NEXT YEAR. Robert also answers a very common Question in his post ASK THE TAX PRO – MARRIAGE AND FORM W-4.
I also want to thank TWTP for introducing me to The Baglady and would like to point out that he has a guest post there that is a must read by all. Please check out Gift Tax 101.
Looking for a book to read? Living Almost Large has a book review of what sounds to be a very interesting discussion of how wealth was created in the modern world. Looking at the historical aspects of wealth and what contributed to our current economic societies and norms. For the review go to Book Review: Birth of Plenty.
From Wide Open Wallet comes a few post I think most should read. In her post Stuck in the middle she discusses something I am willing to bet is very common in households today, spending less than last year. More consideration now on lower cost of necessities. And two other post for those of you with children. How do you teach value? I am a big advocate of teaching children the value of things, money being a top 10 item. Kids and the economic crisis. In my efforts you can’t help but bring up the current economic situation.
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