2005 Tax Changes
H&R Block’s National Tax Advice Day website has a nice concise page listing all the important tax law changes effective in 2005 that you may not have seen, heard, or remembered. The big ones are the new rules regarding energy related tax breaks involving both hybrid/electric cars and your home, charitable giving, and a retirement savings credit. Also be sure to read about the changes to the vehicle donation rules as well.
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Tags: H&R Block, Taxes
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1 Comments - Share Your Thoughts
Well, I prepared a preliminary e-file return (which I’ll be filing as soon as I get a real W-2…the numbers I used so far are the YTD numbers from my end-of-year pay stub and the registration numbers from last year’s W-2).
It’s interesting that since the retirement savings credit eligibility is based on AGI, all my business expenses are enough to make me eligible for it. And equally interesting that, thanks to three large charitable donations post-Katrina, I’m now itemizing deductions for the first time. If I’d known early in the year I’d be eligible to itemize, I’d have saved more non-business receipts.
Of course, I’m torn between happiness at estimating that I have almost $7,000 coming back to me from the IRS (and probably almost $1,000 from the state of Illinois…but I’m not sure, since the IL e-file forms aren’t ready yet), and frustration at having been compelled by law to give such a large interest-free loan to the government.
My frustration at ADP not having my W-2 ready yet is, however, entirely undiluted.
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