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2009 Year-End Tax Planning for Individuals |
As a general reminder, there are several ways in which you can file an income tax return: married filing jointly, head of household, single, and married filing separately. A husband and wife may elect to file one return reporting their combined income, computing the tax liability using the tax tables or rate schedules for “Married Persons Filing Jointly.” If a married couple files separate returns, under certain situations they can amend and file jointly, but they cannot amend a jointly filed return and file separately. A joint return may be filed even though one spouse has neither gross income nor deductions. If one spouse dies during the year, the surviving spouse may file a joint return for the year in which his or her spouse died. Certain married persons who do not elect to file a joint return may be entitled to use the lower head of household tax rates. Generally, in order to qualify as a head of household, you must not be a resident alien, you must satisfy certain marital status requirements, and you must maintain a household for a qualifying child or any other person who is your dependent, if you are entitled to a dependency deduction for the taxable year for such person.
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American Reinvestment and Recovery Tax Act |
Make the most of your 2009 earnings
Building on the provisions set forth by the 2008 Stimulus Act, the new American Reinvestment and Recovery Tax Act (2009 Act) extends through 2009 many of the benefits offered in the 2008 Act and provides businesses with additional opportunities to make the most of their money in 2009.
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Our approach incorporates identifying risks, assessing accounting issues, improving controls and evaluating the degree of transparency when reporting information to stakeholders.
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