Rochester Tax Return and Tax Preparation Services - MDM Financial Services

The Making Work Pay Credit went into effect April 1st, 2009 as part of the American Recovery and Reinvestment Act of 2009. It decreases federal tax withholding to provide a $400 credit per individual worker and $800 per working married couple, pro-rated to a per paycheck basis. For most taxpayers, this results in an $11 per week increase in take home pay. However, if you work 2 jobs, are married and your spouse also works, or can be claimed as a dependant by another tax payer, you may need to adjust your tax withholding for 2009. This could have an adverse effect on your refund next year. Please contact us to review your withholding amounts and make any adjustments if necessary.

If you bought a main home anytime in 2009, and did not own a main home in at least 3 years, you may be eligible for a credit of up to $8000.Unlike the 2008 home buyers credit, this does not have to be repaid. Please contact us for details.

After a short hiatus in 2008, the non-business energy credit is back for 2009. If you make energy improvments to your home, including windows, hot water heaters, furnaces, you may be entitled to a tax credit. Some restrictions may apply.

If you bought a new care between Feb. 17 and December 31, 2009, You may be entitled to an above-the-line deduction for taxes paid on the purchase of the vehicle. Contact us for details.

The business mileage rate for 2009 is 55 cents per mile. Milage for medical and moving purposes is 24 cent per mile. Mileage driven for charitiable organizations is 14 cents per mile.

The Social Security Ceiling is $106,800. This means earned wages after this amount are not subject to Social Security tax.

The following tax benefits have expired for 2008:

• Coming Soon.