Olasupo I. Ogunfemi, CPA PC
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Olasupo I. Ogunfemi, CPA PC
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2009 and 2010 TAX BREAKS
The HOPE Schorlarship Credit has been replaced by a more generous AMERICAN OPPORTUNITY CREDIT (AOC). Recently signed into law, this new credit will lower income taxes by up to $2,500 for those who pay qualifying TUITION, FEES, and COURSE MATERIALS during the first 4 years of a student post-high school education. Since this tax credit is issued per student, you may be able to claim 3 American Opportunity Credits (AOC) if you have 3 kids who qualify. The AOC is partially refundable. As much as 40% of the amount for which you qualify will be be refunded to you as an overpayment if you don't owe enough tax to absorb the full credit. You actually receive a refund check. As with all tax credits, there are income limits for eligibility. The full AOC is available only to taxpayers with modified adjusted gross income of less than $80,000, or $160,000 for joint filers. However, partial tax credits are available to those with incomes up to $90,000, or $180,000 for joint returns.
Stimulus 2009There's something for just about everyone 95 percent of taxpayers to reap benefits from the American Recovery and Reinvestment Plan
Workers
The "Making Work Pay" Credit for 2009 and 2010 is a tax credit for up to $400 for working individuals and up to $800 for couples. Retirees and disabled individuals Those receiving Social Security benefits and individuals on disability will receive a one-time payment of $250 in 2009. Unemployed Temporary suspension of taxation on unemployment benefits. The jobless get a little more help with a $25 increase in weekly benefit checks through 2009 and suspension of federal tax on the first $2,400 of unemployment benefits received in 2009. First-time home buyers First-time home buyer credit increased to $8,000 for qualified first-time home buyers purchasing homes after Dec. 31, 2008 and before Dec. 1, 2009; repayment requirement waived unless sold or no longer principal residence within 36 months. College-bound The "American Opportunity Tax Credit" - an enhanced Hope Credit that provides 100% credit for the first $2,000 and 25% for the next $2,000 on qualified expenses such as tuition and books; the credit is 40% refundable, meaning even taxpayers who have no tax liability can receive a credit for 40% of qualified education expenses, up to $1,000.
Note: Most provisions are subject to phase-out for higher-income
individuals. Contact us for more information
A professional Service Corporation, Olasupo I. Ogunfemi, CPA PC is a CPA firm dedicated to the continued growth and satisfaction of our diverse clients. We are a licensed Board Certified CPA firm dedicated to Small Businesses, Professional Organizations, and Non-Profits. As a small business ourselves, we understand the demands of running a successful business. This is one of many reasons we would like to offer our specialized services to your organization in the areas of Accounting, Certified Audits, Financial Statements Preparation, Business Registration, Business Set-Up, Tax & Financial Planning, Commercial Loan Proposals, Individual, and Business Tax Returns. Our offices are open Monday to Saturday from 9:00am to 6:00pm and we are personally available to answer your questions seven days a week on the phone even on Sundays. When you call our office, you will speak directly to us and have your questions and concerns addressed by us, not a secretary or an office assistant. We offer you up to one hour of FREE consultation in our office at your convenience to answer your Accounting, Tax, Audit, and Non-Profit questions. Please feel free to schedule an appointment today for your free consultation in complete confidence.
Our Goals:Building, and adding Corporate Value to our clients. Creating a new financial organization for emerging Growth Companies. Revitalizing finance and operations for Turnaround Businesses. Placing the interests of clients first, and maintaining utmost professionalism.. Preserving the bottom line of clients without compromising QUALITY and INTEGRITY. Improving clients' products or services using our customized Management Advisory Services programs.
Contact Information
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