Costin + Company Certified Public Accountants: Tax Services

Tax Information
2009

» 2009 Tax Year
Changes

» 2009 Individual
Tax Rates

» 2009 Deductions
and Exemptions

» 2009 FICA
Tax Rates

» 2009 Corporate
Tax Rates

» 2009 Estate and
Gift Taxes

» 2009 Tax Credits

» 2009 Phase-out
Levels

» Key Tax Terms

^{2009
taxable
income* phase-out Levels}

The following are the phase-out levels for deductions, exemptions, credits and adjustments:

Itemized Deductions
Single/Joint/Head of household Married filing separately	$166,800 $ 83,400
Personal Exemption
Single Joint returns & surviving spouse Married filing separately Head of household	$166,800-289,300 $250,200-372,700 $125,100-186,350 $208,500-331,000
Child Credit ($1,000 per child)
Single/Head of household Joint Married filing separately	Starts at $75,000 Starts at $110,000 Starts at $55,000
IRA Deductibility (With Company Pension)
Single/Head of household Joint Married filing separately	$55,000-65,000 $89,000-109,000 $0-10,000
Roth IRA Eligibility
Single/Head of household Joint Married filing separately Rollover of regular IRA to ROTH IRA (not allowed for married filing separately)	$105,000-120,000 $166,000-176,000 $0-10,000 $100,000
Education Savings Account (Education IRA)
Single/Head of household/ Married filing separately Joint	$95,000-110,000 $190,000-220,000
Hope/Lifetime Learning Credits
Single/Head of household Joint Married filing separately	$50,000-60,000 $100,000-120,000 $0
Education Loan Interest Deduction
Single/Head of household Joint Married filing separately	$60,000-75,000 $120,000-150,000 $0
College Savings Bond Interest Exclusion
Single/Head of household Joint Married filing separately	$69,950-84,950 $104,900-134,900 $0
*Adjusted or modified adjusted gross income.

*Personal service corporations pay a flat 35%

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