Here are a couple of the most relevant changes that will affect or benefit most of you. If you want to read highlights on all the changes or you want more detail, the IRS web page has a great article.
In the Breeze –
A first time home buyer credit of up to $7,500 is available for homes purchased from 4/9/08 – 6/30/09. “First Time” really means any individual who has not owned a home for the last three years. READ MORE
It’s my hope that no one needs to access their retirement plans prior to age 59 1/2. And with a 10% premature penalty, it makes it a very unattractive option if funds are necessary. And I would like to remind you, or inform you, that there are exceptions to this penalty. IRS Section 72 (t) allows the following exceptions: READ MORE
Typically individuals don’t begin the tax preparation process till February and December is an even better time to start. Why? Because now is the time to take action to take action to save in taxes. And it’s also a good time to confirm you paid sufficient income taxes and to remember to note your auto mileage for the end of year. READ MORE