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IRS Begins Tax Season 2009 with Steps to Help Financially Distressed Taxpayers; Promotes Credits:































QuickBooks ProAdvisor® Program Member
First-Time Homebuyer Credit: Up to $7,500

The Recovery Rebate Credit:  You need to claim the recovery rebate credit on Form 1040, 1040A or 1040EZ. The instructions for these forms will show you which lines to use. Unlike the economic stimulus payment, the recovery rebate credit will be included in your tax refund for 2008 and will not be issued as a separate payment

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.

Mortgage Workouts and Foreclosures: For most homeowners, these are now tax-free.

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