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Thanks to Bryan Jeter from Lister, Jeter, & Lloyd CPA’s who schooled us on Tax 101 as part of the Greer Community Chamber Convention. For more information on tax related subjects, be sure to consult with a professional.

Here are some key points that we learned about taxes:

• Keep track. Have an eye on your taxes throughout the year. One thing that Bryan hates having to say to a client is that they have to pay $10,000 to the IRS next week. Keeping tabs on your taxes doesn’t change the amount you have to owe, but you’ll be able to tell in June what you will owe in April. At least you will know what you will have to pay, so maybe you could scale down a little during the year. Don’t take that trip around the world and 86 the remodel of your home.

• You can still get good tax cuts on buying energy efficient products in 2010, but not as much as you would for the tax year of 2009. If you buy solar panels or geothermal heating elements, tax credits could take up to 30% off of your purchase, making that break-even analysis more toward your favor.  Also, there is a good tax credit for buying an electric vehicle. These tax cuts don’t justify the purchase in itself, but if you were going to purchase a car or already looking for a new energy source, green is the way to go.

• Under the new HIRE Act, if you hire an employee in 2010 that had been unemployed for at least 60 days, you’re eligible for a tax credit. If you continue to employ that person for a year, you get an additional tax credit of $1000. This is a brand new tax credit that goes into effect this month, and it’ll give employers more incentive to help your community by employing those who currently don’t have a job.

Through new litigation going through the United States Congress, personal income tax is dramatically changing, and the tax cuts of earlier in the decade will expire after last year. For more information on the changes, sit down with a tax preparer, and they’ll be able to talk you through what’s coming up.