Standard Tax Deductions For 2009
August 27th, 2009
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Question: Bailout Bill Sec.204?
what does this mean for the average person
SEC. 204. ADDITIONAL STANDARD DEDUCTION FOR REAL PROPERTY TAXES FOR NONITEMIZERS.
(a) In General- Subparagraph (C) of section 63(c)(1), as added by the Housing Assistance Tax Act of 2008, is amended by inserting `or 2009′ after `2008′.
(b) Effective Date- The amendment made by this section shall apply to taxable years beginning after December 31, 2008.
Answer: It’s extending the higher standard deduction (I suppose) for another year. Giving us more money back.
Disclaimer: I am neither a lawyer nor have I ever played one on TV, so we will have to what until the confusing terms are downgraded to layman’s terms in a few days.
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Tags: 2008_tax_changes, charitable_contributions, irs_taxes, itemizing_deductions, tax_bracket