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Recordkeeping Basics: Business Taxpayers

Maintaining good financial records is an important part of running a successful business. Not only will good records help you identify strengths and weaknesses in your business’ operations, but they will also help out tremendously if the IRS comes knocking on your door. The IRS requires that business owners keep adequate books and records and

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How the Mortgage Forgiveness Debt Relief Act is helping homeowners

On December 18, 2007, Congress passed the Mortgage Forgiveness Debt Relief Act of 2007 (Mortgage Debt Relief Act), providing some major assistance to certain homeowners struggling to make their mortgage payments. The centerpiece of the new law is a three-year exception to the long-standing rule under the Tax Code that mortgage debt forgiven by a

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FAQ: When does a gift require a gift tax return?

If you’ve made, or are planning to make, a big gift before the end of 2009, you may be wondering what your gift tax liability, if any, may be. You may have to file a federal tax return even if you do not owe any gift tax. Read on to learn more about when to

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American Recovery and Reinvestment Tax Act of 2009 extends/creates business tax breaks

The American Recovery and Reinvestment Tax Act of 2009 (ARRTA) provides more than $75 billion worth of tax benefits for business for 2009 and 2010, in addition to numerous individual tax breaks. This article highlights some of the valuable tax breaks for businesses in the new law. Bonus Depreciation. The ARRTA extends bonus depreciation under

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FAQ: How does the new sales tax deduction for vehicle purchases work?

Non-itemizers and itemizers alike who purchase a new vehicle in 2009 may be eligible for a new (but temporary) above-the-line deduction for the state and local sales taxes or excise taxes paid on the purchase. This temporary tax break is part of the American Recovery and Reinvestment Tax Act of 2009 (2009 Recovery Act). General

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How Do I? Calculate carryover capital losses

While the past year has not been stellar for most investors, the tax law in many instances can step in to help salvage some of your losses by offsetting both present and future taxable gains and other income. Knowing how net capital gains and losses are computed, and how carryover capital losses may be used

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How Do I? Determine if someone has been ‘involuntarily terminated’ for purposes of the new COBRA subsidy?

Individuals who have been “involuntarily terminated” from employment may be eligible for a temporary subsidy to help pay for COBRA continuation coverage. The temporary assistance is part of the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act), and is aimed at helping individuals who have lost their jobs in our troubled economy. However,

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FAQ: Can the first-time homebuyer credit be claimed in advance of a purchase?

No. Many individuals may be considering buying a new home in 2009 as home prices continue to drop in many areas across the country. They may also be wondering if they can claim the $8,000 first-time homebuyer tax credit before actually purchasing the home. Although this might generate a refund you could use as a

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How Do I? Deduct business-related home computer costs?

If you use your home computer for business purposes, knowing that you can deduct some or all of its costs can help ease the pain of the large initial and ongoing cash outlay. In today’s economic climate, many individuals may be working more from home than commuting to the office. The deduction rules related to

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Year-end planning techniques can maximize tax savings

As the end of 2009 approaches, it is a good time to start year-end tax planning. Between now and December 31, 2009, there is time to put in place some tax saving strategies. Many of these strategies are familiar ones; others are tailored to these challenging economic times. Individuals One of the tried and tested

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