Tax Break Alert!

As we all know, this past year has been tough for most of us, especially those of us who are homeowners. Watching the value of your home decrease before your eyes is not a comforting feeling.

The IRS is going to help those of us this year that do not have enough to itemize by giving us the ability to claim a separate deduction for at least a portion of property taxes paid in 2008, even though we are taking the standard deduction!

This new deduction was created as part of the housing assistance legislation enacted last year. The new deduction for state and local real estate taxes is up to $1,000 for married folks who file jointly and up to $500 for most single filers.

If you’re a homeowner, be sure to look for the deduction on your 2008 tax return!

During the interview process of  ifileonline we will ask you about this new deduction automatically!