Rio Grande Herald (Rio Grande City, Tex.), Vol. 95, No. 51, Ed. 1 Thursday, December 18, 2008 Page: 2 of 6
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The Rio (Jrande Herald-Thursday, December 18, 2008, Page 2
IRS reminds taxpayers to be
aware of recent tax changes
HOUSTON - The Internal
Revenue Service wants to
'remind taxpayers as part of their
' year end tax planning to be
aw are of recent tax changes as
well as recently reinstated tax
deductions.
Some tax breaks and a review
of your current tax situation may
result in a bigger refund or less
taxes to be paid come tax time.
The Internal Revenue Service
wants to make filing your tax
return less stressful. Consider e-
filing your lax return to ensure
you maximize tax deductions,
claim deserved credits and take
advantage of entitled tax
benefits.
The Internal Revenue Service
offers these tax tips for you to
consider.
First-Time Homebuyers Tax
Credit First-time homebuyers
should begin planning now to
take advantage of a new tax
credit available for a limited
time. The credit applies to
primary home purchases
between April 9, 2008 and June
30, 2009. This tax credit must
be paid back in equal payments
Over 15 years. The credit is 10
percent of the purchase price of
the home, with a maximum
available credit of $7,500 for
either a single taxpayer or a
married couple filing jointly.
First-time homebuyers are those
who have not owned a home in
the three years prior to a
purchase.
Real Estate Tax Deduction
There is an additional standard
deduction for those who don't
'qualify to itemize their tax
deductions, but pay real estate
taxes The additional deduction
".amount is equal to the amount of
real estate taxes paid up to $500
for single filers or up to $1,000
for joint filers. This deduction is
'available for the 2008 and 2009
(tax years. This property tax
deduction is in addition to the
standard deduction used by
'•filers.
Tuition and Fees Deduction -
You may be able to deduct
qualified tuition and required
enrollment fees up to $4,000
that you pay for yourself, your
spouse, or a dependent. You do
not have to itemize to take this
deduction. However, a taxpayer
cannot take both the tuition and
fees deduction and education
credits (Hope & Lifetime
Learning Credits) for the same
student in the same year Income
limits and other special rules
apply to each of these
provisions. To determine
whether your expenses are
qualified, refer to IRS
Publication 970, Tax Benefits
for Education. IRS Publication
970 also describes other
education-related tax benefits.
Educators' Out of Pocket
Expense Deduction - The
educator expense deduction
allows teachers and other
educators to deduct the cost of
books, supplies, equipment and
software used in the classroom
Eligible educators include those
who work at least 900 hours
during a school year as a
teacher, instructor, counselor,
principal or aide in a public or
private elementary or secondary
school. Worth up to $250. the
educator expense deduction is
available whether or not the
educator itemizes deductions on
Schedule A.
Recovery Rebate Credit If
you did not qualify or did not
receive the maximum amount
for the 2008 Economic Stimulus
Payment you may be entitled to
a Recovery Rebate Credit when
you file your 2008 tax return.
Review the tax return filing
instructions including the
Recovery Rebate Credit
worksheet.
New Rules for "Cash"
Charitable Contributions -
Since tax year 2007, to deduct
any charitable donation of
money, you must have a bank
record, credit card statement or a
written communication from the
recipient showing the name of
the organization and the date
and amount of the contribution.
In determining what may be
deducted as a charitable
contribution, see IRS
Publication 526.
Earned Income Tax Credit
(EITC) - This credit is offered
by the Federal government to
working f a m i I i e s and
individuals. You may qualify for
the Earned Income Tax Credit,
or EITC, if you worked last
year, but did not earn a lot of
money. EITC is a refundable
tax credit meaning you could
qualify for a tax refund even if
you did not have federal income
tax withheld. If you qualify, the
amount of your EITC will
depend on whether you have
children, the number of children
you have, and the amount of
your wages and income last
year. For more information, go
to www.irs.gov/eitc or see IRS
Publication 596.
Recordkeeping Are your
tax records organized? The IRS
encourages taxpayers to take the
time now to gather and organize
their records to reduce stress at
tax time.
Electronic Filing The IRS
encourages taxpayers to
consider e-filing their tax
returns. The fastest way for you
to receive a tax refund is to use
IRS e-file and choose direct
deposit. You can receive your
refund in as little as ten days
with IRS e-file and direct
deposit. The error rate of an e-
filed return is less than 1 percent
compared to 20 percent for a
paper tiled tax return. IRS e-
file is the most efficient way to
prepare your taxes, particularly
taking into consideration the
2008 tax changes. For more
information, check out E-filing
on the IRS.gov Web site.
Tax Forms and Publications
fax Forms and Publications
(See REMINDS, Page 6)
\
RGCCISD meeting updates TAKS information
Rio Grande City CISD Student Assessment department held their monthly meeting on Monday,
December 8. 2008 at Rio Cafe. Mrs. Mari Salaiz, Director, met with Assistant Principals and Deans to
go over Texas Assessment of Knowledge and Skills (TAKS) test updates. All who attended received
pertinent information on TAKS dates that will begin starting the new year. Pictured is Mrs. Salaiz
addressing Rio Grande City CISD administrators. (RGCCISD photo).
AEP Texas launches Great
Texas Refrigerator Roundup
AEP Texas has announced the
launch of The Great Texas
Refrigerator Roundup, which
will reward electric customers it
serves with $35 for each
inefficient, operating refrigerator
and freezer turned in for
recycling.
By calling 1-866-552-3755,
residential and commercial
customers served by AIT Texas
can schedule a free pickup of
refrigerators and freezers that are
between 14 and 27 cubic feet in
size and in working (cooling)
condition.
The units must be
manufactured in 1992 or prior.
Customers may turn in two
appliances per account through
the program, which is scheduled
to run through December 2009.
or until funds have been
expended. Callers will be asked
for the ESI ID number found on
their electric bill to confirm
eligibility for the program.
"Turning in an old energy-
guzzling refrigerator or freezer
through The Great Texas
Refrigerator Roundup will allow
electric customers served by
AEP Texas to lower their energy
usage and earn a $35 reward,"
Naid Program Coordinator Pam
Osterloh. "Replacing an
inefficient, 20-year-old
refrigerator with a new
ENERGY STAR model, could
save an average of $60 a year,"
Osterloh stated.
AEP Texas has partnered with
Appliance Recycling Centers of
America, Inc. (ARCA) to
provide environmentally sound
appliance processing and
recycling services for The Great
Texas Refrigerator Roundup.
ARCA is, one of the nation's
largest recyclers of major
household appliances for the
energy conservation programs of
electric utilities.
The company currently
provides appliance recycling and
replacement services for more
than 40 electric utility
companies and public power
authorities, including five
electric utility programs in
Texas. ARCA's processes
reclaim up to 95 percent of every
appliance so that steel,
aluminum, copper, glass and
plastic are recycled. These
processes also ensure that ozone-
depleting refrigerants and
hazardous materials such as
mercury are recovered to prevent
contamination of air, soil and
water resources.
The nation should have a tax
system that looks like someone
designed it on purpose.
—William Simon
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Roberts, Kenneth. Rio Grande Herald (Rio Grande City, Tex.), Vol. 95, No. 51, Ed. 1 Thursday, December 18, 2008, newspaper, December 18, 2008; Edinburg, Texas. (https://texashistory.unt.edu/ark:/67531/metapth196148/m1/2/: accessed April 27, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Rio Grande City Public Library.