Alternative Minimum Tax (AMT) Patch–Congress provided a temporary fix (for 2008 only) by increasing the 2008 exemption amounts to $69,950 for married couples filing jointly and $46,200 for single tax payers. The Act also allows taxpayers to decrease their AMT liability by claiming various nonrefundable credits.
Additional Standard Deduction for Real Property Taxes Extended to 2009 — In the past, only taxpayers who were able to itemize deductions on Schedule A could deduct their state and local property taxes. A limited tax deduction is provided for state and local property taxes to non-itemizers by increasing their standard deduction for a taxable year by the lesser of (1) the amount allowable to the taxpayer as a deduction for state and local taxes or (2) $500 ($1,000 in the case of a married individual filing in jointly).
Tax-free Distributions from an IRA for Charitable Purposes Extended to 2009 — allows tax- free “qualified charitable distributions” of up to $100,000 from an IRA to a church or other charity.
Child Tax Credit Enhanced — The child tax credit is a nonrefundable credit for each qualifying child to a maximum of $400 per qualifying child. This credit is enhanced by reducing the $12,050 floor to $8,500.
For more details on these changes and other pertinent tax information, see the 2009 Church & Clergy Tax Guide, by Richard Hammar (www.YourChurchResources.com) or call 800-222- 1840).
The 2009 Church & Clergy Tax Guide is published by Your Church, a division of Christianity Today International, a Christian communications ministry committed to engage, encourage, and equip the church worldwide (www.ChristianityToday.com).
(Source: Christian Newswire)