When Will Congress Act On the Next Set of Tax Changes?

• Posted on February 20, 2012

Congress has been in stalemate most of 2011 rankling over issues to make them selves look better for the November elections. Below is the last set of changes passed by Congress extending many of the changes through 2012 but many of them expired at the end of 2011.
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Recently Enacted Tax Breaks for Small Businesses

• Posted on February 20, 2012

Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date.

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How Will the Health Care Bill Affect Your Taxes?

• Posted on March 25, 2010

On March 23, 2010, President Obama signed into law the new health care legislation.  The legislation will affect virtually every individual in one way or another and will significantly impact tax returns in the future.  The following overview of the tax-related provisions of the legislation is based upon the House of Representatives’ version and the one signed by President Obama on March 24, 2010.  At the time this article was prepared, the Senate was taking up the measure, but it is expected to pass without changes since only a simple majority is required.
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Tax Credit to Aid First-Time Homebuyers

• Posted on December 27, 2008

To stimulate home sales, Congress first established the first-time homebuyer credit in 2008, then modified it for 2009 (through November 30, 2009), and then extended it again through the middle of 2010 (2011 for certain service members) resulting in some complicated rules.
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Roth Conversion Limitations Eliminated

• Posted on December 29, 2008

Beginning in 2010, legislation: (1) Eliminates the $100,000 modified AGI limit on conversions of traditional IRAs to Roth IRAs, and (2) Permits married taxpayers filing a separate return to convert amounts in a traditional IRA into a Roth IRA. Under prior law, married taxpayers who filed separate returns were restricted from making conversions.
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Plug-In Electric Vehicle Credit

• Posted on March 25, 2009

For vehicles bought after February 17, 2009 and before January 1, 2012, the Recovery Act creates a new 10% nonrefundable personal credit for low-speed vehicles, motorcycles, and three-wheeled vehicles that meet the criteria of a qualified plug-in electric drive motor vehicle.  The maximum credit for these vehicles is $2,500.  If the vehicle is also used in business, the business portion of the credit is treated as a general business credit.  Four-wheel vehicles purchased after January 1, 2009 also qualify for this credit based on a law passed in 2008.  There are additional qualifications, so please call for further details.