FAQ: What Tax Breaks Are Officially Ending This Year?

  • October 1, 2009

The end of the 2009 year will also spell the end of many tax breaks for both individuals and businesses. Some of these tax breaks are "temporary" credits and deductions that Congress typically extends for another year or two at the last moment. Other sunsetting provisions are relatively new, with no previous track record on their being extended. In either case, however, the unfamiliar economic climate in which our nation finds itself makes predicting whether Congress will find the funding necessary to extend any particular tax break this time around, beyond 2009, a matter of guesswork. The following is a list of important tax breaks expiring at the end of 2009.

Congress Debates Full Agenda of Tax Bills

  • October 1, 2009

Health care reform continues to dominate Congress' fall agenda but lawmakers also have many other tax bills to address before the end of the year. On the table are bills to extend some popular but temporary tax breaks, estate tax reform and more. It is an ambitious agenda that has some lawmakers predicting that they will be working right up to the end of the year.

Year-end Planning Techniques Can Maximize Tax Savings

  • October 1, 2009

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.

Obama Outlines Initiatives To Increase Savings

  • September 9, 2009

I think these initiatives are great! Anything that will allow people to put more into their retirement plans and save on current taxes is a good idea in my opinion.

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.

IRS Warns of New Identity Theft Scams

  • September 3, 2009

The IRS is reminding taxpayers to be aware of identity theft scams using the IRS name, logo or website address to deceive taxpayers into believing they are being contacted by the agency. These scams request personal and financial information, such as bank account numbers, commonly by email. The IRS does not contact taxpayers or request personal information by email. Suspicious email should be forwarded to the IRS at phishing@irs.gov, and immediately deleted from the taxpayer's inbox.

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.