New Legislation Impacts Everyone

On February 17, President Obama signed into law the “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act).  This new legislation was passed to aid our ailing economy and includes a wide variety of tax provisions, many of which will affect both individuals and small businesses.  Included below are highlights of the more prominent provisions.  Please call our office for details on how the new changes may affect you.
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New Making Work Pay Credit

“Making Work Pay” is a new credit which the Obama administration says will cut taxes for more than 95% of working families in the United States.  It provides a refundable credit of 6.2% of a taxpayer’s earned income not to exceed $400 for individuals and $800 for joint filing couples. 
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Luxury Car Rules May Limit Vehicle Write-Offs

Unfortunately, if you deduct actual expenses for the business use of your car, you will probably find your write-offs for depreciation restricted due to so-called luxury car limitations. And most any cars (including trucks or vans) fit the IRS definition of a "luxury vehicle," regardless of their cost. If a vehicle is four-wheeled, used mostly on public roads, and has an unloaded gross weight of no more than 6,000 pounds, the car is considered a "luxury vehicle." 
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Business Provisions - 2009 Economic Stimulus Act

On February 17, President Obama signed into law the “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act).  This new legislation was passed to aid our ailing economy and includes a wide variety of tax provisions, many of which will affect small businesses.  Included below are highlights of the more prominent provisions.  Please call our office for details on how the new changes may affect you.
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Tax Credit to Aid First-Time Homebuyers

To stimulate home sales, Congress established the first-time homebuyer credit in 2008 and then modified it for 2009, resulting in two significantly different sets of rules for each.  Besides increasing the credit to $8,000 for 2009 ($7,500 for 2008), the most significant change is that the credit in 2008 was actually an interest-free 15-year loan, while the credit in 2009 does not need to be paid back if certain requirements are met. 
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Home Energy Credits - Big Favorable Changes

The “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act) expanded the residential energy improvement credit for 2009 and 2010 (this credit was last available in 2007) and extended and expanded the tax credit for residential solar and fuel cell equipment through 2016.  This gives taxpayers who want to “go green” a chance to offset some of the cost of going green with tax credits. 
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Tips to Help Taxpayers Avoid Errors on the Recovery Rebate Credit

Most taxpayers who received the economic stimulus payment last year will not be able to claim the Recovery Rebate Credit on their 2008 federal income tax returns.  A small number of taxpayers who did not receive the full economic stimulus payment last year may be eligible to claim the Recovery Rebate Credit on their 2008 federal income tax return.  Figuring the Recovery Rebate Credit incorrectly or entering inaccurate information will delay the processing of your tax return and any refund due.
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Individual Taxpayers Hit Hard By California Budget Increases

After months of negotiations, the California legislature has passed a budget deal that includes a number of tax increases for just about everyone in the state.  Looks like the increases will wipe out the benefit of the Federal stimulus plan and California taxpayers will end up with a wash!
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Obama's Housing Market Plan Aims to Stop Foreclosures

On February 18, the day after signing the landmark 2009 Stimulus legislation into law, President Barack Obama unveiled his $75 billion plan to help up to 9 million families restructure or refinance their mortgages to avoid losing their homes to foreclosure.  The plan, known as the Homeowner Affordability and Stability Plan (HASP), has two phases with a number of elements.
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8 Things You May Not Know About the Earned Income Credit

The Earned Income Tax Credit is for people who work but have lower incomes. Here are some interesting facts about the EITC.
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4 Ways You Can Use QuickBooks to Manage Prices in a Down Economy

Pundits are now noting that we’re living in a period of “accelerated change.” Indeed, the ground does seem to be shifting beneath us almost faster than we can comprehend, so it’s important to stay nimble in these difficult times. One way you can do so is to closely manage your prices. In some cases you may need to ratchet your prices up to cover a commodity cost-spike. Or, you may want to offer special deals to your best customers to help retain their business. In this article we’ll discuss four methods you can use to manage prices (and change) within QuickBooks.
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New Federal COBRA Subsidy - Employer Actions Required

The American Recovery & Reinvestment Act of 2009 (ARRA) includes a federally-funded COBRA continuation subsidy of 65%, which lasts up to nine months for workers (and their families) involuntarily terminated between September 1, 2008 and December 31, 2009.  The effect of this law is that the employer must pay the 65% subsidy and then recover the payment by reducing the employer’s required federal tax deposits or apply to the government for a reimbursement.  What does this mean for businesses?
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