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Corrections and clarifications.

Sharon Sledzik, CPA, who volunteered with the tax call-in program with the Akron Beacon Journal, is with Schlabig & Associates.

Further regulations have clarified the New Vehicle Deduction covered in the article "Ohio's piece of the pie: How the Economic Recovery Act affects you" from the May/June issue of Catalyst. Taxpayers and preparers need to consider the following RIA observation:

Taxpayers who have qualified motor vehicle taxes for 2009 will have to determine which deduction maximizes their tax benefit for 2009:

(i) A standard deduction that includes qualified motor vehicle taxes (see [paragraph] A-2812),

(ii) An itemized deduction for state and local income taxes, plus a separate itemized deduction for qualified motor vehicle taxes (above and [paragraph] K-4518 et seq.), or

(iii) An itemized deduction for state and local general sales taxes claimed in lieu of the itemized deduction for state and local income taxes (see [paragraph] K-4510 et seq.).
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Title Annotation:Membership
Publication:Catalyst (Dublin, Ohio)
Article Type:Correction notice
Date:Jul 1, 2009
Words:150
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