# Thursday, January 22, 2009
3 Tax Tips for 2009
Tax season may get a little more confusing with President Barack Obama’s new economic stimulus plan with new tax provisions – but don’t get confused. Here are three tax tips to get you started this year:
  1. Prepare Your Write-Offs: Independent contractors and business owners should begin collecting their business expense deductions and getting them in order before tax season starts. If you didn’t record your odometer reading on January 1st, check it now and estimate how many miles you’ve driven. Also, collect your receipts so you are prepared when you accountant calls!
  2. Figure Out Your Children: Many divorced couples take this time of the year to fight over who gets to take the dependency exemption for their children. Now’s the time to resolve these issues early, have you ex sign a Form 8332 to release their claim, and get it out of the way.
  3. Get Your Homeowner Benefits in Order: Americans that purchased a home last year for the first time are entitled to a credit worth up to $7,500. In fact, if you plan to buy a home before July 1, 2009, you may want to delay filing your tax return until your purchase goes through so you can claim it on your 2008 return.
Overall, tax season can be stressful for almost all Americans, especially with changes in order with the new President Obama. However, taking actions now can reduce your stress in the future and ensure that you minimize your tax exposure!

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