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Tuesday, January 6, 2009

About Taxes: What's New for 2009

About.com    Taxes
In the Spotlight | More Topics |
  from William Perez
With a new year comes new tax laws. Here's a summary of changes that will affect people who might be selling a second home; updated tax figures for retirement plans, standard deductions, and exemptions; and updates to the marginal tax brackets.

 
In the Spotlight
Updated Tax Figures for 2009
The IRS updates several tax-related amounts each year to take into account the cost of living adjustments due to inflation. Here's a quick summary of all the essential tax figures for the year 2009, including the standard deductions, personal exemptions, filing requirements, and retirement plan limits.

 
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Tax Rates for 2009
The marginal tax brackets have widened a bit for 2009, meaning that more income is being pushed into lower tax rates. Here's the tax rates and the income ranges to which they apply for all the different filing statuses.

 
Changes to the Home Sale Exclusion
When homeowners sell their main home, they can exclude up to $500,000 in capital gains from income tax. The Housing Assistance Tax Act of 2008 changes the rules. The amount of profits from the sale of a house that can be excluded is now based on the percentage of time when the house was used as a primary residence.

 
 
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