Tax Partners-Budgetax
2060 W. Monroe
Springfield, Il 62704
217-241-4597 Toll Free 877-713-7650

• If you're confident in your knowledge of 2008 tax laws, you may want to do your own taxes. Or, you also may choose to purchase and use off-the-shelf tax preparation software to prepare your returns, hoping that everything is done right, and the IRS won’t be sending you any correspondence correcting what you filed. But if you want that safe, warm feeling you get when a professional prepares your tax return, reviews your tax return for accuracy and guarantees that your taxes are done right with the maximum refund allowed by law, then see us. When you visit Tax Partners - Budgetax, you can rely on real help from real people – and for products and tax services with real benefits at affordable fees.

Maximizing Refunds and Speeding Refund Delivery

This filing season, there are several steps taxpayers can take to maximize their refunds and speed the delivery of money from the IRS.

Taxpayers should look into the numerous tax breaks available and take every credit, deduction and exclusion for which they qualify. People who had less income in 2008 could find they qualify for credits for which they previously did not qualify. And there are several new benefits this year:

• First-Time Homebuyer Credit: Those who bought a principal residence recently or are considering buying one should take note. This unique credit of up to $7,500 works much like a 15-year interest-free loan. A special page on IRS.gov has more details and answers to common questions.
  
• The Recovery Rebate Credit: This credit is figured like last year's Economic Stimulus Payment except that Recovery Rebate Credit amounts are based on tax year 2008 instead of 2007. Most people already received their full benefit in the form of the Economic Stimulus Payment. However, a taxpayer may qualify for the Recovery Rebate Credit, if, for example, he or she did not get an Economic Stimulus Payment, had a child in 2008 or had a change in income level. If you receive this credit, it will be included in your refund and will not be issued as a separate payment. See the Form 1040 Instructions, Fact Sheet 2009-3 or the information center on IRS.gov for details.
  
• Standard Deduction for Real Estate Taxes: Taxpayers can claim an additional standard deduction, based on the state or local real estate taxes paid in 2008. The maximum deduction is $500, or $1,000 for joint filers.
  
• Mortgage Workouts and Foreclosures: For most homeowners, these are now tax-free. Eligible homeowners can exclude debt forgiven on their principal residence if the balance of the loan was less than $2 million. The limit is $1 million for a married person filing a separate return. See Form 982 and its instructions for details.