Archive for February, 2009
2/27/09 QUOTES – “Some folks make you feel at home. Others make you wish you were.” -Unknown
by P. Lewis RobinsonFeb
27
2/25/09 QUOTE – “I saw an angel in the block of marble and I just chiseled ’til I set him free.” -Michelangelo
by P. Lewis RobinsonFeb
25
2/23/09 QUOTE – “Let us remember that, as much has been given us, much will be expected from us, and that true homage comes from the heart as well as from the lips, and shows itself in deeds.” -Theodore Roosevelt
by P. Lewis RobinsonFeb
23
2/23/09 – Key Tax Changes in the American Recovery & Reinvestment Act of 2009
by P. Lewis RobinsonFeb
23
(If you would like additional details in regard to any of the changes below, send me an e-mail at plrcpa@bellsouth.net and I will respond to your question.)
Tax breaks for business:
- Extended bonus depreciation and increased expensing for 2009
- Longer NOL carrybacks for some businesses
- Deferral on debt discharge income from reacquisitions of debt
- Capital gains tax for holders of qualified small business stock
- Shortened S Corporation built-in gain holding period
Tax breaks for individuals:
- A refundable tax credit of up to $400 per worker ($800 per couple filing jointly) phasing out completely at $190,000.00 for couples filing jointly and $95,000.00 for single filers
- Eased child tax credit and earned income tax credit rules
- Beefed-up tax credit for higher education
- Enhanced credit for first-time home purchases with the removal of the repayment requirement. This is for houses purchased after December 31, 2008. Purchases on or after April 9, 2008 and before January 1, 2009 continue to be governed by the original first-time home buyers credit enacted last year
- A tax deduction for state sales and excise taxes paid on the purchase of new cars, including light trucks and SUVs, motorcycles and motor homes
- A 65% subsidy for COBRA premiums for up to nine months.
- Boosts AMT exemption amounts for individuals for 2009; also provides that for 2009, personal nonrefundable credits may offset AMT and regular tax
- Interest on qualifying private activity bonds issued in 2009 or 2010 is not treated as an AMT preference (nor is there an ACE adjustment for interest on tax-exempts issued in 2009 or 2010).
Energy incentives:
- These include a three-year extension of the Production Tax Credit (PTC) for electricity derived from wind (through 2012) and for electricity derived from biomass, geothermal, hydropower, landfill gas, waste-to-energy, and marine facilities (through 2013)
- Extension through 2010 and expansion of tax credits for home energy efficiency for purchases such as new furnaces, energy-efficient windows and doors, or insulation
- A tax credit of up to $5,000 for families that purchase plug-in hybrid vehicles
- A new manufacturing investment tax credit for investment in advanced energy facilities, such as facilities that manufacture componenets for the production of renewable energy, advanced battery technology, and other innovative next-generation green technologies
2/20/09 QUOTE – “Perpetual devotion to what a man calls his business, is only to be sustained by perpetual neglect of many other things.” -Robert Louis Stevenson, 1850-1894
by P. Lewis RobinsonFeb
20
2/18/09 QUOTE – “Aerodynamically, the bumblebee shouldn’t be able to fly, but the bumblebee doesn’t know it so it goes on flying anyway.” -Mary Kay Ash
by P. Lewis RobinsonFeb
18
2/16/09 QUOTE – “Men occasionally stumble of the truth, but most of them pick themselves up and hurry off as if nothing had happened.” – Winston Churchill
by P. Lewis RobinsonFeb
16
2/16/09 – Deduct Property Taxes in Addition to Your Standard Deduction
by P. Lewis RobinsonFeb
16
Did you know that you may be eligible to deduct your property taxes even if you take the standard deduction for 2008?
The housing Assistance Act of 2008 allows homeowners to claim their property taxes as a deduction, even if they don’t itemize. The additional amount, only available in 2008, is limited to $1,000 for joint filers and $500 for everyone else. This is particularly beneficial to taxpayers who receive a state refund in 2008, because it will not be taxable on their 2009 tax return.
2/13/09 – NEWS FLASH – American Recovery & Reinvestment Act
by P. Lewis RobinsonFeb
13
The talk of a new stimulus plan has been on everyone’s minds lately. To keep you informed on the latest details we have posted a “preliminary overview” of the American Recovery and Reinvestment Act on our website’s news feed. To read the report please click here: http://www.rwhcpa.com/images/stories/conference_report__stimulus_act_2009_02_12.pdf or visit our website at www.rwhcpa.com. We expect the bill to be signed as early as next week, but we will keep you informed on the latest updates.
2/13/09 QUOTE – “There is no remedy for love but to love more.” -Henry David Thoreau
by P. Lewis RobinsonFeb
13
