Taxpayers may need to plan (1)

If you ever sit down and reason it is necessary to do some tax planning, the new $ 787 billion fiscal incentives bill - including about $ 300 billion of tax benefits - is good.

From earlier than the usual red flag, which could fall into the alternative minimum tax this year, the new issue of salary deduction, the bill the president signed Obama on Tuesday to encourage taxpayers to consider how best to reduce taxes next year.

Of course, there are some straight-up tax breaks that do not necessarily require a lot of tax planning as such.

Unemployed people will find their first $ 2400 of benefits is taxed, and they can claim to reduce health insurance premiums through their former employer's group plan, or "Cobra".

There, in the $ 8000 tax credit for first time home buyers who buy between 1 January and 1 December, 2009 - the loan will not be refunded, as opposed to $ 7500 titivate available in 2008.

But there is one aspect of home purchase loan, which may require planning: You can claim a credit on your 2008 taxes, even if you bought a house in 2009, according to Mark Luscombe, principal analyst of CCH Inc., Riverwoods, Ill., tax publisher and a unit of Wolters Kluwer.

"There may need to be a little IRS instruction on this issue, because [2008] forms and instructions, probably does not currently provide $ 8000 credit, he said." But it is quite clear that to make that election will not change in 2009 for the purchase of 2008 purchases. "Home purchase loan begins for taxpayers with adjusted gross income above $ 75,000 for a single filers and $ 150,000 for joint filers, according to CCH.

Then, there is above the line deduction for sales tax on the purchase of a new car in 2009. You can deduct the tax on the purchase price up to $ 49500. Luscombe warned that taxpayers should not take this deduction and itemized deduction for state sales taxes. This deduction for buying a car on the stages of AGI of $ 125,000 for individual files and $ 250,000 for joint returns. According to CCH, a new car loan only to vehicles bought on or after the date the Act enters into force.

AMT relief

Because of the incentives bill, taxpayers now know exactly the alternative minimum tax exemption amount earlier than usual. Over the past few years, Congress waited until the end of the year to take "patch" that allows more taxpayers falling into this parallel tax system. Exemption reduces the amount of income taxed at a rate of AMT.

Knowing, in 2009, is currently the exception of - $ 70,950 for joint filers and $ 46,700 for single and head of household filers - gives taxpayers more time to run scenarios to see where their tax bill is likely to fall, and find out how to lower that expense. (There was no patch for this year, these figures would have gone back down, only $ 45000 for couples filing jointly and $ 33,750 for individuals, according to CCH.)

"It is expected a little tax help, probably will not be very stimulating, but it will reduce uncertainty and help people plan their tax moves at the beginning of the year," said Luscombe.

"As a result, AMT exclusion is going up, fewer people should be AMT," said Greg Rosica, tax partner at Ernst and Young LLP, in a conference call with reporters on Friday.