Your Tax Question - 017

Dear John, I paid off my house at the end of last year and the reduction in the interest payments make it unnecessary for me to itemize this year. Is there any other deductions for homeowners? Phil.
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Hi Phil,

Congrats at burning the mortgage note. To answer your question -If you cannot itemize your taxes this year but pay property taxes there is more money for you. You can get another $500 added to your Standard Deduction for paying property taxes (plus another $500 if you are married filing jointly). You can consider this a discount on your annual property tax bill. (can you say "Ca-ching?")

Best wishes, John

PS. You know? If you are in need of a tax guy, I still have openings on my client list and I would love to help you with that.. Email me

Your Tax Questiion - 015

Dear John, Thanks for this great blog -It is like a car wreck that I don’t want to stare at but I can’t help myself. Here’s my question: What are the standard deduction rates for 2009 taxes? Thanks, Billie.
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Hi Billie,

Thanks for the kind words - It warms my heart to know that I can suffer tragedy for your viewing pleasure.

To answer your question, the Standard Deductions for 2009 are as follows.

• $11,400 Married Filing Jointly
• $5,700 Married Filing Separately
  
• $8,350 Head-of-Household
• $5,700 for Single filers.
  

Best wishes,
John

PS. There is still room on my client list if you want to take a ride - no worries, no wrecks here. Email me