2009 Federal Tax Announcements


The standard deduction amounts for 2009 will increase to $11,400 for married couples filing jointly or surviving spouses; $8,350 for heads of households; $5,700 for single taxpayers and $5,700 for married taxpayers filing separately.

The transportation fringe amounts that may be excluded from gross income for 2009 for employer-provided “qualified transportation fringe benefits” are as follows:

  • $120 per month for “transportation in a commuter highway vehicle and any transit pass”
  • $230 per month for “qualified parking”

IRS has announced the new Earned Income Credit for 2009.  They are as follows:

  • Employees with 1 qualifying (dependent) child is 34% of the first $8,950 of earned income for a maximum of $3,043
  • Employees with 2 or more qualifying children, the EIC is 40% of the first $12,570 of earned income for a maximum of $5,028
  • Employees with no qualifying children, the EIC is 7.65% of $59,70 for a maximum of $457
  • Married employees filing jointly and earn less than $38,583 in 2009 and have at least 1 qualifying child can receive advance EIC payments up to $1,826 spread over their pay periods during the year

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Information Systems Manager Laura Schwickerath, Five Star Cooperative

I would like to compliment our support representative and let others at Optimum know how good of job that she does with Customer Support. She remembers situations that we have called in on for support that will end up affecting our quarterly reports a couple months later. I don't even remember them but she does. We appreciate the good job she does.