Personal tax tips for tax preparation & income tax planning

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This page last updated on
May 1, 2008

Personal Tax Preparation & Income Tax Planning Tips from Brookwood Tax Service

Home Energy Efficiency Improvements
Can Generate a One-time Tax Credit of Up To $500

Claim the credit if you install an energy efficient furnace, air conditioning unit or hot water heater, or add insulation or energy-saving windows.l.
See the Full Article for details.

Tax Tips for Taxpayers Who Moved
Moving Expenses May Generate a Tax Deduction

Taxpayers who meet distance and time requirements can deduct the costs of moving family members and household goods to a new home.

Full Article

Know the Tax Rules For Your Beach House

Tax Tip on Deducting Vacation Home Expenses

Uncle Sam offers some tax breaks to owners of vacation homes, but there are specific limits on owner use of a vacation home to claim the maximum deductions.

Full Article

Sales Tax Deduction Extended for 2007

Tax Tip for Residents of States With No Income Tax

Taxpayers who pay no state income tax can once again deduct sales taxes paid in 2007. But residents of other states may also want to check this deduction as well.

Full Article

Tax Tip For Divorced Parents
Rules Are Tricky To Claim Dependency Exemptions

Parents who are divorced or separated need to check the IRS rules before claiming children as dependents on their returns.

Full Article

Working After Retirement Can Reduce Benefits
Tax Tips for Social Security Recipients

Taxpayers who file for Social Security benefits before their normal full retirement age risk losing part of their monthly benefit if they continue to work.

Full Article

Tax Tips for Teachers

Congress Extends the Educator Deduction

Educators who meet the work requirements can deduct up to $250 in out-of-pocket classroom costs again on their 2007 tax returns.

Full Article

Know the Time Limit for IRA Contributions
Taxpayers Can Contribute Until Due Date of Return

If you haven't put money into your traditional or Roth IRA by December 31st, don't worry. You have until the regular tax return due date of April 15th to make the contribution for the prior year. If you are funding an IRA with a direct deposit of your tax refund, be sure to file your return early enough to ensure the contribution is actually in the IRA by the deadline.

IRA Tax Break for Military Personnel
Tax-Free Combat Pay Qualifies for EIC

Combat pay is non-taxable income to military personnel, but Congress has allowed military personnel to designate their tax-free combat pay as earned income to qualify for the earned income credit. Military personnel with children should compute their tax return with and without the combat pay allowed for EIC to see which option provides the lower tax or larger refund.

Tax Tips for Reservists Called to Active Duty
You Qualify for Retirement Plan Tax Breaks

Reservists called to active duty can withdraw money from retirement plans without paying the 10% penalty, and are given at least two years after active duty ends to re-deposit the money.

Full Article

Tax Break for Retired Public Safety Officers
Save Taxes on Health Care Costs

Retired police, firefighters and other emergency services personnel can withdraw money tax-free from retirement plans to pay qualified health insurance premiums.

Full Article


	New Rules on Donations Each cash charitable contribution you make must now be substantiated with a written receipt or other documentation, regardless of the amount. Unsubstantiated cash contributions are not deductible.


	New Rule for Noncash Donations Noncash contributions of household items must be in good or better condition to qualify for a deduction. A single household item valued at $500 or more qualifies as a deductible contribution regardless of its condition, provided you obtain a qualified appraisal of the item.


	Unemployment is Taxable Income Are you collecting unemployment benefits? If so, your benefits are taxable. To ease the tax burden when filing your return, you can file Form W-4V and specify the amount that you want withheld from your benefit.


	Tuition and Fees Deduction If you paid qualifying college tuition and fees during 2007, you can elect to deduct up to $4,000 if you meet certain income limits.


	Tell the IRS If You Move! If you move in the coming year, be sure you notify the IRS of your new address by filing Form 8822.


	Georgia Part-Year Taxpayers There are three ways to calculate your Georgia deductions and two ways to calculate state personal exemptions. Tax-saving tip -- make sure your tax preparer knows the options and uses the best one for your tax return!

personal tax tips

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