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Friday, Apr. 18, 2014

Experts: plenty ways to maximize tax returns

Sunday, December 20, 2009

SIKESTON -- In a typical year, most taxpayers look to qualify for the most deductions possible.

And with some new credits and deductions included in the American Recovery and Reinvestment Act of 2009, there are plenty of ways to maximize returns.

"It's been an interesting year for taxes because there have been so many opportunities for people to reduce their tax bill," said Michael Devine, IRS media relations for Missouri and Kansas. "There are credits and deductions that are new this year and the IRS really wants people to take advantage of all of them."

Devine especially highlighted the new vehicle deduction, which expires Dec. 31.

"If you bought a new car since Feb. 16, whether you itemize or not, you can deduct the sales tax on the first $49,500 of that vehicle," he said. That includes cars, light trucks, motorcycles and motor homes, and income limits apply.

Linda Bridger, a certified public accountant and partner at Spitzmiller, Bridger & Co. in Sikeston, said she's had several clients call about a lot of the deductions, including the vehicle credit.

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