If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase.
Here are eight important facts the Internal Revenue Service wants you to know about this deduction:
1. State and local sales and excise taxes paid on up to $49,500 of the purchase [...]

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When it comes to quickly evaluating how my business is doing, there are two numbers I pay attention to above all else.  These two numbers tell me very quickly how exactly my business is doing and whether or not there are any major looming problems.  Both numbers are really easy to calculate, too.
The first number [...]

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Homebuyer Credit. The first-time homebuyer’s tax credit of up to $8,000 has been extended, so eligible taxpayers can now claim the credit as long as they purchase a home or are in contract by April 30 (they have until June 30 to close). For those looking to move up or downsize, existing homeowners may qualify [...]

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The tax return—getting the real deal.  Unless your client’s spouse is wearing a halo, never assume that the proffered tax return is the real deal. Current software makes it easy to prepare bogus––but professional looking––personal and business tax returns. Often these returns and the real ones submitted (if at all) to the IRS bear no [...]

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Payroll tax changes—The maximum amount of wages subject to Social Security tax has increased to $106,800 for 2009, up from $102,000 in 2008. That means you should stop making (and paying) Social Security for employees once they reach $106,801 in eligible earnings in 2009. The tax rate remains 7.65% on employers and employees.
Self-employment tax contribution [...]

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In the case of audit, be aware that the IRS training manual tells its auditors that they are examining you, not just your tax return. The auditor wants to see how you match up with the income reported on your return, or what the IRS terms “economic reality.” According to Frederick W. Daily, tax attorney [...]

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“Unforeseen Circumstances” Exclusion From Gain on Sale of Home
By DAVID W. RANDOLPH, PH.D.
NOVEMBER 2009
Despite the recent downturn in the American housing market, one of the highest-value assets owned by most taxpayers remains their home. While many taxpayers have seen the value of their home decline, those in locales where home values have remained relatively strong—such [...]

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Some words are red flags to insurers and using them could mean that your claim might be delayed or even denied
1. “I think …”
Never begin a statement regarding a claim with these words. If you aren’t sure, don’t guess. What you say could cause your claim to be delayed or denied, says attorney Vedica Puri. [...]

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Members of the Obama administration, including Treasury Secretary Timothy Geithner, have come out in support of an extension for the first-time home-buyer tax credit, even as a report from the Treasury’s Inspector General for Tax Administration found there were no controls in place to identify erroneous claims. The report comes as Congress considers extending the [...]

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