2009 Tax Opportunities

The American Recovery and Reinvestment Act of 2009 enacted a number of tax relief provisions and opportunities for 2009 and, in some cases, 2010.  Click her for complete details.

Required Minimum Distribution for 2009

The required minimum distribution from IRA accounts is waived for 2009.  This forbearance was enacted to allow those 70 1/2 and older to skip distributions from IRAs that have had their value beaten down in the 2008 stock market collapse.

AUTO INCLUSION FORMS FOR 2009

A Company that provides vehicles to its employees is required to include, in the employee's W-2 income, the value of the personal use of the vehicle assigned.  We have prepared an Excel spreadsheet that will compute the amount of the income to be assigned and provided you with a form (Employee Representation) to collect the data on the assigned vehicle's. 

Mileage Allowances for 2009 and 2010

The IRS has issued the 2008 and 2009 mileage allowances. Click here for complete details.

Alternative Minimum Tax

The Alternative Minimum Tax (AMT) is trapping more people each year.  For a discussion how the AMT is computed and who is likely to be subject to this levy,  Click here for more.   

Life insurance is not always tax-free

One of the advantages that is often cited by insurance agents when selling life insurance products is that the proceeds are tax-free.  However, the death of the insured can create a significant estate tax liability. Click her for more.

Selling Your Home: What You Need To Know Tax-Wise

Planning for College: Sec 529 is the answer