Qualified Transportation Fringe Benefits
Beginning January 1, 2009, the monthly exclusion for commuter highway vehicle transportation and transit passes increased to $120 and theRead more.
2008 Changes The amount you can deduct for each exemption has increased to $3,500 for 2008. You lose part ofRead more.
New Rules for Children of Divorced or Separated Parents
Revocation of release of claim to an exemption. For tax years beginning after July 2, 2008 (the 2009 calendar yearRead more.
Increase in Limit on Long-Term Care and Accelerated Death Benefits Exclusion
2009 The limit on the exclusion for payments made on a per diem or other periodic basis under a long-termRead more.
IRS raises per diems for 2010
Keeping detailed records of employee travel expenses is a hassle. But there’s a way your business can simplify matters withoutRead more.
Income Averaging for Farmers and Fisherman
Exxon Valdez litigation. If you received qualified settlement income made up of interest and punitive damages in connection with theRead more.
Home/Residence-Related Tax Changes
Discharge of Qualified Principal Residence Indebtedness The Emergency Economic Stabilization Act of 2008 extended the exclusion from gross income forRead more.
New mortgage interest break
The tax law permits generous deductions for mortgage interest paid in connection with “acquisition debt” and “home equity debt” ofRead more.
Health/Medical-Related Tax Changes
Archer Medical Savings Accounts (MSAs) 2010 Changes For Archer MSA purposes for 2010, the minimum annual deductible of a highRead more.
Simplified Employee Pension Plan
What is a SEP? A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplifiedRead more.
Education-Related Tax Changes
Student Loan Interest Deduction 2009 For 2009, the amount of the student loan interest deduction is phased out (gradually reduced)Read more.
Decreased Estimated Tax Payments for Qualified Individuals With Small Businesses
For 2009, qualified individuals with small businesses may be eligible to make smaller estimated tax payments. If you qualify, yourRead more.
Earned Income Credit – 2009 Changes
The following paragraphs explain the changes to the credit for 2009. Amount of credit increased. The maximum amount of theRead more.
Child-Related Tax Changes
Adoption Benefits Increased For 2009, the maximum adoption credit has increased to $12,150. Also, the maximum exclusion from income forRead more.