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Wealth Wisdom Blog

Year End Tax Tip #3

December 9, 2009 | Subscribe to our RSS Feed

Purchase energy saving home improvements before year’s end.

Nonbusiness energy property credit- In 2009 and 2010, a taxpayer can claim a credit equal to 30% of the sum of the cost of: qualified energy efficiency improvements to his home (e.g., energy-efficient windows, doors, insulation materials, and certain roofs) and residential energy property expenditures (e.g., high-efficiency heat pumps, air conditioners, water heaters, and stoves that burn biomass fuel), up to an aggregate amount of $1,500.

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2010 Standard Mileage

December 7, 2009 | Subscribe to our RSS Feed

Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

50 cents per mile for business miles driven
16.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

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2nd Last Minute Move for 2009 – Motor Vehicle Purchase

December 7, 2009 | Subscribe to our RSS Feed

Unless Congress changes the law for 2010, a taxpayer won’t be able to deduct qualified motor vehicle taxes whether or not the taxpayer itemizes deductions. So if a taxpayer is intending to purchase a qualified motor vehicle soon, he should do it before year end. Provided the taxpayer meets certain conditions, it will assure him a deduction for any qualified motor vehicle taxes paid on the purchase whether or not he itemizes and whether or not Congress extends the optional itemized deduction for sales tax in lieu of income tax, which also is scheduled to expire this year.

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Last Minute Moves for 2009 – Gifting

December 3, 2009 | Subscribe to our RSS Feed

Over the next 2 weeks, we’ll be posting some last minute tips for you for closing out the year. These moves can help you for 2009 and beyond. Stay tuned -

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Medical Economics Names Owings Mills – Based CPA for Third Consecutive Year

November 30, 2009 | Subscribe to our RSS Feed

Owings Mills, Md. – Nov. 30, 2009 – Owings Mills wealth management firm Glass Jacobson is pleased to announce that Jonathan S. Dinkins has been recognized for the third consecutive year as one of the “150 Best Financial Advisers for Doctors” by Medical Economics magazine. Dinkins is one of five Maryland-based financial advisers on the prestigious list.

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