The minimum income required to file a tax return has increased for the 2009 tax season. If you made below the minimum income for your filing status, you may not need to file a tax return. The minimum income levels for varying filing statuses are as follows:
Single ?Under 65, $8,950 ?65 or older, $10,300
Head of Household ?Under 65, $11,500 ?65 or older, $12,850
Married, Filing Jointly ?Under 65 (both spouses), $17,900 ?65 or older (one spouse), $18,950 ?65 or older (both spouses), $20,000
Married, Filing Separately ?Any Age, $3,500
Qualifying Widow(er) with Dependent Children ?Under 65, $14,400 ?65 or Older, $15,450
Exemptions
The amount of each tax exemption has increased by $100 for 2008 to $3,500 per exemption. The income levels for exemption phase-out have changed for your 2008 return. You may claim a $500 deduction for supplying housing for an individual displaced by a Midwestern disaster.
Standard Deduction
The amount of the standard deduction for 2008 has increased, over the amount allowed in 2007, for most taxpayers. Besides the annual increase allotted for inflationary adjustments, the standard deduction may also be raised by state or local real estate taxes (that would have qualified for a deduction if you had itemized your deductions) up to $500, or up to $1,000 if married filing jointly. The deduction may also be raised by any net disaster loss from a federally declared disaster.
Itemized Deductions
Some itemized deductions will be limited for 2008 if your adjusted gross income is greater than $159,950 if you are married filing jointly and $79,975 if you are married filing separately.
First-Time Homebuyer Credit
The first-time homebuyer credit works like an interest free loan of up to $7,500 that the taxpayer will pay back over the next 15 years. This is a limited time only credit, available to first-time homebuyers who purchased a home between April 9, 2008 and and June 30, 2009. If you're a first-time homebuyer in the market for a new home, purchasing your home prior to July 1, 2009 will enable you to take advantage of this credit in the 2010 tax season.
Energy Efficient Property Credits
The energy-efficient property credit has been extended through the year 2016. Solar electric and water heating products qualify for this credit. Beginning in 2008, geothermal heat pumps and small wind energy systems will qualify for the energy efficient property credit.
Beginning in 2009 (for the 2010) tax season, credits for insulation, exterior windows, exterior doors and some other energy-saving home improvements will be reinstated. If you have plans to make upgrades to your home in the coming year, look into energy efficient products, and you may qualify for this tax credit next year.
The 2009 Kia Borrego is a powerful mid-size SUV that promises to pack a luxurious punch - even though it's not being billed as a luxury vehicle. Combining advanced safety technology with detailed styling and fuel efficiency, the 2000 Kia Borrego brings a gamut of options to the table -at a starting price of only $26,995.
Here are some more details you'll love about this newest model:
Safety
The Borrego earned the National Highway Traffic Safety Administration's 5-star crash rating across all four relevant categories. The car takes on crashes from multiple vantage points and has the following: Tire Pressure Monitoring System, Back-up Warning System, Child Seat Latch, Dual Front Airbags, Seat Mounted Side Airbags, Curtain Airbags, 4-wheel Disc Brakes, Downhill Brake Control, Hill Assist Control, and more.
Plus, many models come complete with heated outside mirrors, reinforced doors and body design, and front active headrests.
Power
The Borrego comes in two engine options: the 3.8L v6 engine and the 4.6Lv8 engine. The V6 engine packs 276 horsepower and offers electronic 5-speed control. The V8 engine comes with 337 horsepower and 6 speed control. Both versions have a 4 wheel drive system with torque-on-demand?. For boat lovers, the Borrego tows up to 7,500 pounds.
Interior
Kia's stylish Borrego comes with many features and options for the interior, including a drop-down DVD system for the rear, third-row seating, flexible cargo options, an iPod connector, seat warmers, and optional GPS touch screen navigation system. Drivers can enjoy a tight turning radius, passenger climate control, and satellite radio.
While Kia has been known for producing well-made, powerful cars, the newest Borrego proves that design can meet function and performance - for a price that nearly every family can afford. No matter where you're headed, you'll love taking a Kia along.
Both Arstringfellow & David Balmer are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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