Thursday, September 30, 2010

Don’t let the government pick your pockets

As the leafs turn colors, there has been very little to report for important tax changes in 2010. Most of the changes deal with business and less to do with individuals.

The major credit available is for energy property. Furnace, waterheater, windows and other “Energystar” labeled items can still get up to $1500 of non-refundable credits on your 2010 return. It will end with this year and if you used it up on the 2009 there is no more available. Bring your receipts this winter.

Roth IRA is also a possible benefit you can take advantage of this year. If you convert this year you can defer the tax until 2011 & 2012. Then it grows tax free after that time. Check with your investment advisor for the details.