Discharge of Qualified Principal Residence Indebtedness The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income for the discharge of qualified principal… Read More »Home/Residence-Related Tax Changes
The tax law permits generous deductions for mortgage interest paid in connection with “acquisition debt” and “home equity debt” of a qualified residence. Now a… Read More »New mortgage interest break
Archer Medical Savings Accounts (MSAs) 2010 Changes For Archer MSA purposes for 2010, the minimum annual deductible of a high deductible health plan increases to… Read More »Health/Medical-Related Tax Changes
What is a SEP? A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward… Read More »Simplified Employee Pension Plan
Student Loan Interest Deduction 2009 For 2009, the amount of the student loan interest deduction is phased out (gradually reduced) if your filing status is… Read More »Education-Related Tax Changes
For 2009, qualified individuals with small businesses may be eligible to make smaller estimated tax payments. If you qualify, your required annual payment for 2009… Read More »Decreased Estimated Tax Payments for Qualified Individuals With Small Businesses
The following paragraphs explain the changes to the credit for 2009. Amount of credit increased. The maximum amount of the credit has increased. The most… Read More »Earned Income Credit – 2009 Changes
Adoption Benefits Increased For 2009, the maximum adoption credit has increased to $12,150. Also, the maximum exclusion from income for benefits under your employer’s adoption… Read More »Child-Related Tax Changes
Any economic recovery payment you receive during 2009 is not taxable. These $250 payments are being made to most people who: Receive social security benefits,… Read More »Economic Recovery Payment
The following changes to the AMT went into effect for 2009: AMT exemption amount increased. The AMT exemption amount has increased to $46,700 ($70,950 if… Read More »Alternative Minimum Tax (AMT) – 2009 Changes
If you pay your income tax (including estimated tax payments) by credit or debit card, you can deduct the convenience fee you are charged by… Read More »Deduction for Credit or Debit Card Convenience Fees
What You Must Know Before You File an Offer in Compromise Do You Qualify for an Offer in Compromise? How to File an Offer in… Read More »What is an Offer in Compromise?