Island Borough Mayor Jerome Selby, who is also an enrolled tax agent to practice
before the IRS, presented his recommendations for preparing tax returns at the
Kodiak Chamber of Commerce's Monday luncheon held at the Kodiak Inn. Selby went
over the complicated new tax regulations resulting from President Bush's October
Economic Rescue Bill, and provided advice on how individuals and small business
owners can effectively fill out their tax returns.
KMXT's Erik Wander has more.
Selby emphasized good record
keeping in order for taxpayers to maximize the deductions and tax credits they
may be eligible for.
-- (Selby 1 36 sec. "If
you don't leave here with ... that it's a deduction.")
Selby said the exemption amount for
individual taxpayers for the alternative minimum tax has been increased as a
result of the new legislation.
-- (Selby 2 50 sec. "The
alternative minimum tax ... to almost 70 thousand.")
homebuyers qualify for a tax credit this year. Selby said people who might be purchasing
their first home should consider doing so before July 1, 2009 in order to
qualify for the credit.
-- (Selby 3 44 sec. "There
is a new ... not wait until later in the year.")
Selby also mentioned
last year's 600-dollar tax rebate and how the program will work this year.
-- (Selby 4 50 sec. "Hopefully
most of you got ... on your 2008 tax returns.")
The Economic Rescue Bill was signed
into law by President Bush in October and included more than 100 tax provisions.
The Kodiak Chamber of Commerce will continue to hold its Monday members'
luncheons, which it has been doing since September, on the first Monday of each
month. I'm Erik Wander.