Deduct Your Property Taxes, Itemize or Not!
September 8, 2008
Are you tired of coming in to get your taxes done and bringing in all of your deductions only to find out that you don't have enough to itemize? Maybe you paid $1,000 in property taxes this year but were unable to claim them on your taxes because the standard deduction was set to high. Or maybe your in the boat to where you know they won't make any difference so you have stopped bringing them in all together and just said to heck with the hassle.
Well, I have a small bit of good news for you. For 2008 only congress has passed another provision in the tax law which states that taxpayers that cannot itemize but pay property taxes are allowed to claim a special above the line deduction. Above the line meaning you do not have to itemize to claim it. Anyone can do it! The new deduction is capped at $1,000 for a married couple and $500 for a single person. So if your property taxes are $1,500 for 2008, you may claim a $1,000 deduction on your taxes if you are married or $500 if you are single.
So how do you claim this new deduction? SIMPLE. All you need to do is bring in your property tax statements for 2008 that have been paid and we will handle the rest for you. We'll make sure you get this new deduction if you qualify. Some of you may have your taxes wrapped up in your mortgage, in that case you may need to contact your treasurers office and have them get you some copies of the paid tax bills for 2008.
Hopefully this change becomes permanent, but we'll take advantage of whatever the government decides to throw at us even it is only for one year.
If you have any questions please feel free to give me a call at 517-437-4646 or you can email me at email@example.com.
Saul Giminez EA
Gold Star Taxes Inc.