Recent Changes in the US Tax Code
In one of her recent blog posts, Ronnie Lynn Deutch expressed her agreement towards Reuters.com’s article about the importance of planning for tax season as early as now. According to her, early planning can help taxpayers develop a conscious effort to reduce their total liability all throughout the year. But before they start planning, American taxpayers must understand first the recent changes made in the US tax code.
In one of her earlier blog posts, “Tax Planning for 2009- How to Benefit from Recent Tax Law Changes,” Ronnie Lynn Deutch explains some of the recent changes made in the tax law. With last year’s economic recession and this year’s new Obama administration, the American tax law has been through quite a few changes.
Among the changes made is the new “Making Work Pay” credit. The credit is actually delivered in a form of reduced tax rate through a taxpayer’s check. It is important for a taxpayer to understand how he/she can take advantage of the credit in order for him/her to maximize its benefits. In addition to that, the federal government also has offers a new credit for homebuyers in the 2009 tax year. However, this credit only applies to first time home buyers.
Ronnie Lynn Deutch also mentioned other IRS credit additions and changes including the energy conservation credit, new automobile credits, the American Opportunity tax credit and more.