10 VALUABLE RECESSION TAX TIPS…

Posted on March 24, 2009. Filed under: News And Politics... |

 
Even if you’ve already completed your tax returns, there’s a lot of info here that applies to your 2009 return, (e.g., it may pay to buy a new car.  There’s a small, but largely unpublicized aspect of the government’s automaker bailout plan:  the sales and excise taxes are deductible on any new vehicle purchased between February 17th and December 31, 2009).  Also, if you’re a shop owner or consultant or have freelance income or run some other small business—and took it on the chin last year as the economy tanked—you can now use your losses to offset profits that were earned as far back as 2003.  Previously, small business owners could only go back two years to file an amended return.  If you and your spouse are both filing taxes this year, it is typically advised that you should file jointly to get more IRS income tax benefits.  A lot of people miss this point and they miss out on some deductions.  Hope these tips will put more money in your pocket…
 
QueenBee
 
 
Friday, Mar. 06, 2009

Tax Time in a Tough Economy: 10 Recession Tips

By Dan Kadlec
 
Tim Boyle / Getty
 

In many ways, it’s a whole new ballgame for taxpayers. As President Obama and his Administration unleash round after round of incentives, subsidies and, yes, selective tax increases, the challenges and opportunities for individuals are growing exponentially. Not all of these things are urgent, but with April 15th just weeks away, there are gains to reap, as well as costs to duck, if you know the latest rules and are informed about pending changes. In this special tax package, we cover everything from stimulus rebates (still available for many) and home buyer credits, to incentives to spur car sales. And then there are the quiet tax tweaks that often go unnoticed, such as the ability to now claim disaster losses even if you don’t itemize. The U.S. Treasury’s bank rescue package may be stealing headlines, but when it comes to protecting your wealth, these 10 tips could pack much bigger bang.

     Find this article at:

     http://www.time.com/time/specials/packages/article/0,28804,1883654_1883632_1883633,00.html

 

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