What’s New In Back-To-School Tax Savings

  • September 3, 2009

Many back-to-school college students and their families are facing the toughest time in years, in meeting the costs of higher education due to the recent economic downturn. In an attempt to face this challenge, Congress recently passed some tax relief for college students and families that, together with scholarships, loans and work-study grants, can provide invaluable lifelines this year. The tax relief is twofold: the new American Opportunity Tax Credit and more liberal withdrawal rules for Section 529 plans to cover technology needs. Both tax provisions are temporary - for 2009 and 2010 only - but likely will be extended in some form if the need continues.

New Tax Deadlines Fast Approaching For Individuals and Businesses

  • September 3, 2009

Tax deadlines have long broken out of the mold of being exclusively set at April 15 for individuals and March 15 for businesses, generally with no important dates falling in between. From September through November of this year, recent tax legislation and IRS programs have created a handful of important new deadlines that may be easy to miss without a list. Some old dates, too, have a few new wrinkles.

Debate Continues Over Health Care Reform And Tax Incentives During Congress’ Summer Recess

  • September 3, 2009

Congress' summer recess has been anything but quiet, as lawmakers address concerned Americans throughout the country at town hall meetings on controversial health care reform. A number of health care reform proposals are on the table, as well as revenue raisers to pay for those reforms.

5 Tips For Handling Your IRA During A Recession

  • August 27, 2009

Sometimes there can be a silver lining in a down economy, but you have to be paying attention to see them. Here are some ideas that should capture your attention.

Cash For Clunkers May Be Nearing An End

  • August 20, 2009

Auto dealers are worried about the government running out of funds before they get reimbursed for these incentives. Wednesday Transportation Secretary Ray LaHood said he wants to let the dealers know when they are getting close to running out of the additional $3 billion in funds allocated for the program.

Second Quarter 2009 Brings Many Important Tax Developments

  • August 4, 2009

The second quarter of 2009 saw significant federal tax developments from the White House, Congress and the IRS. Many of the developments relate to temporary tax breaks in the American Recovery and Reinvestment Act of 2009 (2009 Recovery Act), which Congress passed in February to help stimulate the U.S. economy. Additionally, important guidance for individuals, businesses and pension plans also came from the IRS. This article describes some of federal tax developments that occurred during the second quarter of 2009.

Lawmakers Struggle To Pay For Health Care Reform

  • August 4, 2009

Health care reform continues to elude Congress as lawmakers struggle to find ways to pay for its estimated $1 trillion cost. The House is poised to pass a massive health reform bill, America's Affordable Health Choices Act (H.R. 3200), which includes a surcharge on higher income individuals. The Senate, however, is unlikely to pass its version of health care reform before Congress' August recess. A final bill is not expected to pass Congress until the fall or maybe later.

If You Are “Rich” Obama Wants Your Money

  • July 20, 2009

If you were taking a wait and see approach to assessing the Obama presidency you might want to read this article by Bill Carlino of Accounting Today. In his article he describes all of the changes implemented by the Obama administration so far and several of the proposed changes. If you are "rich" according to Obama's definition be prepared!

Roth Conversions – Should You Wait For 2010, If At All?

  • June 30, 2009

There are a number of advantages for starting a Roth IRA account, the most important being that all the investment earnings grow tax-free, and qualified distributions are tax-free. Additionally, you can continue to make contributions to your Roth after you turn 70 1/2 and are not subject to the required minimum distribution rules. Currently, only individuals who have a modified adjusted gross income (AGI) of less than $100,000 and/or who do not file their return as "married filing separately" can contribute to a Roth IRA, or convert their traditional IRA to a Roth.