No one ever wants to pay more taxes than necessary, but this year it's even more important to save every penny you can. Here are some tips that can help you get a larger refund:
Property Tax Deduction for Non-Itemizers: Before 2008, only people who itemized their deductions could deduct property taxes. For 2008, individuals who do not itemize can deduct up to $1,000 of property tax on a joint return or $500 on a single return.
Driving Deductions: The IRS increased the cents-per-mile deduction for business-related driving expenses from 50.5 cents to 58.5 cents from July 1, 2008 through December 31, 2008. They also increased the rate for deducting medical and moving driving-related expenses from 19 cents to 27 cents for that same time period.
Disaster Losses: Casualty losses (i.e. like those from storm or fire damage) are normally deductible only to the extent they exceed 10% of AGI. For 2008, casualties in federally declared disaster areas can be deducted without having to abide by the 10%-of-AGI rule, which raises the amount that is deductible.
Capital Losses: Review your portfolio and note all your realized losses for 2008. You can write these off against capital gains and you can have a net loss of up to $3,000 deductible against your salary and other ordinary income. What's more, any excess can be used to offset gains or can be deducted in 2009 or later years.
Retirement Plan Contributions: You can make tax-saving contributions to retirement plans for 2008 through April 15, 2009.
Charitable Donations: Not only can you claim deductions for money and items you donate to a charity, you can also claim deductions for expenses you incur on a charity's behalf (i.e. driving costs, printing costs, long distance phone call costs, etc.).
Make sure you take time to go through your records carefully so you receive the biggest refund possible. The above article is provided for informational purposes only. It's always a good idea to consult an accountant or tax professional if you have any questions about your specific situation. Let me know if you would like me to recommend someone.
Considering Moving to the East Bay? ~ Do you want to Buy or Sell a home?
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On Wednesday, April 2, the California Association of REALTORS® announced the Housing Affordability Fund Mortgage Protection Program (MPP) for first-time home buyers. The MPP will provide up to $1,500 in mortgage payment assistance per month for six months to qualified first-time home buyers who lose their jobs due to a layoff. The program is supported by a $1 million allocation from the the C.A.R. Housing Affordability Fund. C.A.R. anticipates it can serve up to 3,000 homeowners in 2009.
To qualify for the Mortgage Protection Program, applicants must: To apply for the program, home buyers must request an application from their REALTOR®. For more information, please click here. For a program application, please click here.
Considering Moving to the East Bay? ~ Do you want to Buy or Sell a home?
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On Monday, March 30, NAR announced that budget resolutions passed by both the House and Senate do not include any changes to to the Mortgage Interest Deduction. Earlier this year, President Obama had suggested modifying the Mortgage Interest Deduction as a way to generate additional tax revenue to pay for health care programs. According to NAR, this suggestion was essentially ignored by both the House and Senate.
Considering Moving to San Ramon or the East Bay? ~ Do you want to Buy or Sell a home?
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Have you or your clients used the City of Dublin's First-Time Home buyer Program? If you have, Bay East would like to know how it worked for you. We are seeking feedback on:
Your responses will be sent to the City of Dublin for their consideration when reviewing the program structure and administration. We will not provide names of REALTORS® or clients with the responses.
Considering Moving to Dublin or the East Bay? ~ Do you want to Buy or Sell a home?
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On Thursday, March 5, the Pleasanton Unified School District Board of Trustees decided to place a parcel tax on the June 2 special election ballot.
The proposed amount of the parcel tax would be $233 and would expire after four years. An exemption will be available for seniors and those with other special needs.
If approved by a two-thirds majority of voters, revenue from the parcel tax would help compensate for an $8.7 million cut in school funding.
Considering Moving to Pleasanton or the East Bay? ~ Do you want to Buy or Sell a home?
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Serving the East Bay~San Francisco Bay Area since 1978; Communities of Alamo, Castro Valley, Danville, Dublin, Fremont, Hayward, Livermore, Newark, Pleasanton, San Leandro, San Lorenzo & Walnut Creek
Pam has been selling real estate in East Bay communities since 1978. She recently was presented with the 2006 REALTOR® of the Year award from the Bay East Association of Realtors.
As an East Bay Native she has first hand knowledge of the communities and neighborhoods she services and their uniqueness. Pam's work ethic, integrity, and concern about her clients are the most important factors of her businesss. In her eyes success is not recognition or awards. True success is helping other people achieve their dreams and goals.
She is an experienced negotiator, an effective comunicator, provides superior service and positive results whether you are moving across town or across the country.
In her spare time she enjoys travel, playing golf, music, theatre and playing with her puppy, Murphy Brown. 
Pam received her sales license in 1978 and continued her education in Real Estate in acquiring many designations to enhance her professionalism. She earned her Brokers license in 1990 and is a Broker Associate with Windermere Welcome Home. She is active with her local and state Association of Realtors currently serving as the 2009 President Elect of Bay East Associaton of REALTORS® and member of the Equal Opportunity-Cultural Diversity and California EXPO Advisory Committee's at the California Association of REALTORS® and serving on many different committies on both levels.
She has acquired the following designations to better serve her clients needs
She specializes in the East Bay (Alameda and Contra Costa Counties)
State and Local Organizations
"This is my 3rd time working with Pam. I would recommend her to all friends and family! She is incredible! Her experience and knowledge combined with her high level of integrity and honesty are invaluable to both the seller & buyers. She has my business for life!"
Silvia Ling
"She was very professional and understood my needs and concerns. She really came thru with solutions."
Heather Burton
"Although I am a first-time seller, I judge Pam to be completely competent, professional and accommodating. I am an out-of-state client and she went beyond the call with each time I asked her."
Anne Merhton
"She is knowledgeable, professional and helped ease our stress during the time the house was on the market."
Karen Sparks
"Pam's word is her credo, when she says she will do it, she gets it done. Whether it's a call back, legwork, or follow through it's taken care of with expediency."
Ina Baker
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