On December 23, 2008, President Bush signed into law, the Worker, Retiree, and Employer Recovery Act of 2008. The new law contains several provisions designed to ease requirements for pension plans and individuals stressed by the current economic crisis. Most notably, the new law contains a waiver of the minimum required distributions from IRAs, 401(k), and similar plans for retirees for 2009 only. In addition, there are several provisions that apply specifically to plan administrators and de... Read Full Story
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009, referring to the bill as “the most sweeping economic recovery package in the nation’s history.” The $789 billion price tag is divided fairly evenly among tax cuts, additional spending programs, and aid to the states, students, schools, the unemployed, and communities. This summary will focus primarily on the tax cuts portion of the Act and how it will affect taxpayers. There are altern... Read Full Story
On October 3, 2008, President Bush signed H.R. 1424 that contains multiple pieces of legislation aimed at improving the economy and providing relief to taxpayers. Included in the bill are the Emergency Economic Stabilization Act of 2008, Energy Improvement and Extension Act of 2008, and Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The new law includes many important tax changes, including alternative minimum tax (AMT) relief, extensions of expired and expiring business and in... Read Full Story
Miscellaneous itemized deductions are often the most difficult to remember at tax time. Plus, in most cases, only your miscellaneous deductions that exceed two percent of your adjusted gross income are deductible. Did you incur any of the following expenses in 2008?
Depreciation on a self-owned computer or cell phone required to do your job.
Dues to chambers of commerce, professional societies, and unions.
Education that is employment-related.
Home office or part of you... Read Full Story
If you haven’t used a tax professional in the past, this just might be the year to start. The first half of 2008 has seen a number of laws, rate changes, and deductions that can favorably impact your tax bottom line. That is, if you know about them.
New mileage rates effective July 1, 2008.
Most recently, the IRS announced an increase in the optional standard mileage rates for the final six months of 2008. Taxpayers may use the optional standard mileage rates to calculate the deductible cos... Read Full Story
