Here’s another thing to keep in mind if you are paying 2009 estimated taxes and the sale of your main home is part of your current financial situation. According to the IRS:

Generally, gain from the sale of your main home is no longer excludable from income if the gain is capable of being allocated to periods after 2008 when neither you nor your spouse (or your former spouse) used the property as a main home.

If you’re paying estimated taxes in 2009 and you own small business stock, here’s something for you to consider. According to the IRS:

The exclusion of gain from the sale of qualifying small business stock is increased to 75% for stock acquired after February 17, 2009, and before January 1, 2011.

Keep this, as well as the other tips about what’s new in estimated taxes for 2009 in mind as you get ready for the next estimated tax deadline of September 15.

New in estimated taxes for 2009: certain unemployment compensation can be excluded from income.

According to the IRS,

You can exclude from income the first $2,400 of unemployment compensation you receive.

Also, if you receive any of the following benefits:

• social security
• supplemental social security
• railroad retirement benefits
• veterans disability compensation or pension benefits

Then you will receive an economic recovery payment of $250. (This is not included in your income.)

The above are just two of the almost 30 scenarios in which the IRS has released new rules for estimated taxes in 2009. I invite you to check back here every day over the coming weeks as we explain each and every change.

As always, I look forward to your feedback.

Keep this new rule about differential wage payments and withholding  in mind when you are figuring out your estimated tax payments.

According to the IRS, beginning in 2009:

Differential wage payments made to active members of the uniformed services are treated as wages and income tax must be withheld.

This new rule was part of the Heroes Earnings Assistance and Relief Tax Act of 2008.

In case you are unfamiliar with the term, “differential wage payment” means any payment which:

1. is made by an employer to an individual with respect to any period during which the individual is performing service in the uniformed services (as defined in chapter 43 of title 38, United States Code) while on active duty for a period of more than 30 days, and
2. represents all or a portion of the wages the individual would have received from the employer if the individual were performing service for the employer.

Continuing our series of posts about new rules in estimated taxes for 2009, this post is for divorced or separated parents.

According to the IRS, new for 2009:

A noncustodial parent claiming an exemption for a child can no longer attach certain pages from a divorce decree or separation agreement executed after 2008. The noncustodial parent will have to attach Form 8332 or a similar statement signed by the custodial parent whose only purpose is to release a claim for exemption.