Home Energy Credits-Favorable Changes

The “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act) expanded the residential energy improvement credit for 2009 and 2010 (this credit was last available in 2007) and extended and expanded the tax credit for residential solar and fuel cell equipment through 2016.  This gives taxpayers who want to “go green” a […]

2009 Economic Stimulus Act

On February 17, President Obama signed into law the “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act).  This new legislation was passed with the purpose of aiding our ailing economy and includes a wide variety of tax provisions, many of which will affect both individuals and small businesses.  Included below are […]

Tax Benefit to Aid First-Time Homebuyers

Now may be a good time to purchase a home as a lot of good deals are awaiting those with a down payment to facilitate a purchase.  If you are a first-time homebuyer, you can benefit from a limited-time tax break designed to help first-time homebuyers afford the down payment on a home. For home […]

A New Twist for Home Sales

With the advent of the home sale gain exclusion back in the 1990s, taxpayers have been using that provision of the law in a popular strategy to exclude gain, not just from their primary residence but from rentals and second homes as well. They do that by moving into and making the rental or second […]

It’s Important to Pay Taxes in Full

As the April 15 deadline approaches, we begin to receive calls from taxpayers who do not have the ready cash needed to pay their tax liability. There are significant penalties for failing to pay your tax liability by the April 15 due date. Whether paying with a timely filed tax return, or filing and paying […]

RMD’s Suspended for 2009

A new law passed late in 2008 allows taxpayers age 70-½ and over and those who have inherited IRAs (beneficiaries) to forego their required minimum distribution (RMD) from 401(k) plans, IRAs, and similar retirement arrangements for 2009.  Thus, these individuals can take a distribution less than required, even none, and avoid the 50% RMD penalty. […]

Business Changes for 2009

Over the past several months, Congress has been enacting legislation to stabilize the economy.  At the urging of the incoming administration, Congress is working on yet another stimulus plan.  As they make temporary changes to the tax code and extend expiring provisions, and with the phase-in phase-out provisions of earlier legislation, it becomes more difficult […]

Tips for Recently Married or Divorced Taxpayers

Newlyweds and the recently divorced taxpayers should ensure the name on their tax return matches the name registered with the Social Security Administration (SSA). A mismatch could unexpectedly delay a tax refund. • For recently married taxpayers, the tax scenario begins when the bride says “I do.” If she takes her husband’s last name, but […]

Recovery Rebate Credit

Notice: This credit is for those who did not receive the maximum Economic Stimulus Payment available. If you received the full amount of your stimulus payment, you most likely will not be eligible for this credit. For 2008, you generally can claim a recovery rebate credit of up to $600 ($1,200 if married filing jointly). […]

Use Like-Kind Exchanges to Defer Taxes

Whenever you sell business or investment property and you have a gain, you generally have to pay tax on the gain at the time of sale. However, the tax code provides an exception and allows you to postpone paying tax on the gain if you reinvest the proceeds in similar property as part of a […]