| Tax Updates About The 2010 Health Care Act - Individual Impact
Important Tax Updates About The 2010 Health Care Act, featuring key provisions in the 2010 Health Care Act which will affect most individuals. Topics include: Individual Mandate, Higher Medicare Taxes On High-Income Taxpayers, Floor On Medical Expenses Deduction Raised From 7.5% of Adjusted Gross Income (AGI) To 10%, Dependent Coverage In Employeer Health Plans, Limit Health Flexible Spending Arrangements (FSAs) to $2,500, and Premium Assistance Tax Credits for Purchasing Health Insurance.
United States v. Quality Stores, Inc.
Statute Lapsing 4/15/10 - File Refund Claim Immediately for FICA taxes paid on 2006 severance pay
Hiring Incentives to Restore Employment Act
New business tax savings opportunities from the recently signed into legislation HIRE Act (Hiring Incentives to Restore Employment Act)
Health Reform Legislation
As Amended by the 2010 Health Care Reconciliation Act - some key provisions effecting small businesses (more to come)
Contribution Limits Comparison Amount Limits
Chart comparing 2009 and 2008 investment contribution and benefit limits
Business Tax Law Changes Impacting 2009 Tax Returns
Specific details appear in each major category below. For a quick summary of changes...
Accelerated Write-Off of New Equipment Purchases Extended
Code Section 179 expensing limits for new asset purchases remains at $250,000 and the phase-out threshold
Cap on Vehicle Depreciation Raised
For vehicles placed in service in 2009, the cap on the first year's depreciation has been raised.
Expanded Net Operating Loss Carry Back for Small Businesses
Companies with average annual gross receipts of $15 million or less and who incur net operating losses
Work Opportunity Tax Credit Expanded
Businesses are allowed to claim a tax credit equal to 40 percent of the first $6,000 of wages paid to employees of certain targeted groups.
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Tax Law Changes Impacting 2008 Tax Returns...
To ensure compliance with requirements imposed by the Internal Revenue Service, we inform you that any federal tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or matter communicated to you.
Faster Write-Off of New Equipment Purchases
Code Section 179 expensing limits for new asset purchases increased to $250,000 from $128,000 and the phase-out threshold increased
More Children Included in Kiddie Tax
For 2008 and later tax years, the "kiddie tax" has been broadened to include children age 18 and full-time students age 19-23, unless...
Economic Stimulus Payments, a Second Chance
Some people who were ineligible to receive the 2008 Economic Stimulus Payment based on their 2007 tax return could be able to file on the basis of their 2008 income tax return, if, for example:
Mortgage Debt Forgiven
Taxpayers can exclude up to $2 million of debt forgiven on their principal residence.
First-Time Homebuyers
Individuals and couples purchasing their first home for between 04/09/08 and 06/30/09 are allowed a refundable tax credit equal to the lesser of $7,500 ($3,750 for married filing separately) or 10 percent of the home's purchase price.
Alternative Minimum Tax (AMT) Relief
The AMT Exemption was increased to $69,950 for married filing jointly, $34,975 for married filing separately, and $46,200 for single and head of household.
Credit for Prior Year Minimum Tax Requirements Eased
The credit is available to individuals with long-term unused minimum tax credits.
Personal Energy Property Credit
The up-to-$500 lifetime credit was suspended...
Mileage Rates for 2008
Broken down by rates for Business, Charitable, Medical and Moving categories
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