January, 2010 To our 1040 Clients, We look forward to preparing your 2009 tax returns again this year, and appreciate your business last year.  Please check our website at www.mntinc.net or call us at (216) 252-2322 for more information, or to schedule an appointment.   TOP 15 TAX CHANGES FOR 2009 Making Work Pay Credit  $400.00 ($800.00 for Joint Filers) Economic Recovery Payment  $250.00 one-time payment for 2009 Unemployment Compensation  Up to $2,400.00 not taxable Homeowners tax credit  Up to $1,500.00 for energy improvements Retirement Account Distributions  For 2009 only:  Required minimum distribution NOT required Education Planning:  Hope Credit is now the American Opportunity Tax Credit - credit expanded and extended Debt forgiveness and Foreclosures: Generally this is ordinary income if you are personally liable for the debt...Form 982 must be filed to claim exception from this income Cobra Premium Assistance: A nine month COBRA subsidy may be available Sales Tax on Qualified Motor Vehicle Purchase may be deductible Real Estate Taxes may be deductible First Time Home buyers  An $8,000.00 credit may be available Other Home buyers  A credit of $6,500.00 may be available after November 7, 2009 Retirement Savings 2010 the Year of the Roth Distributions from Non-Qualified Annuities may be tax-free in 2010 Health Savings Accounts Increasingly more popular