Tis the Season !!! Tax season is "HERE" ! Please find below some helpful hints and new developments. Once again I would like to express my deepest gratitude for choosing the "Bonafide" Family. Make your appointments early.

Child Tax Credit
The Child Tax Credit will stay at $1000 per qualifying child.

Military Families in Combat Zones
New tax law allows tax-free combat pay to be included when calculating refundable child tax credit. These provisions are expected to provide additional refunds to families of servicemen.

Deduction for Sales Tax
Taxpayers with itemized deductions will now have a choice of deducting their state tax or sales tax. This provision will help those taxpayers in states that have no personal income tax (the smart ones).

Educational Credits and Deductions
The Hope and Lifetime learning credits are still available. Certain limits based on AGI still apply.

Savings Bonds for Education... ask about the limitations, but still available to taxpayers.

Uncle Sam will allow deductions on interest from student loans. Once again, limitations based on AGI... but getting better.

Day Care Credit
Same guidelines as 2003 but a step in the right direction.

Auto Deduction to Charity
Starting for donations made in 2005, the donor's deduction will be limited to what the charity receives for the vehicle unless it is valued at $500 or less. This will require the charity to send a letter to the donor after it disposes the vehicle informing the donor of the amount available to be deducted... so long Kelly Blue Book value.

Bonafide Systems... your financial solutions provider.

Contact us today at 716-835-2828 or info@BonafideSystems.com.

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