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Need to Know

In an effort to keep you up to date on current tax and financial developments we will present a timely summary of the latest information that we believe will have the greatest impact to you and your business.

If you have any ideas for future updates, we would like to hear from you.

American Recovery and Reinvestment Tax Act of 2009

Individual Tax Breaks in the American Recovery and Reinvestment Tax Act of 2009

• Earned Income Tax Credit
• Child Care Tax Credit
• Tuition and Fees Tax Credit
• Computers as Education Expense
• First-time Homebuyer Credit
• Unemployment Compensation Tax Break
• Sales Tax Deduction on Car Purchases
• Subsidy for COBRA Continuation

Tax Planning

• Kiddie Tax Age Limit Change
• Beware the AMT trap for the hybrid vehicle tax credit
• Tax aspects of divorce
• Tax Credits for Homeowners
• New Rules and Tax Form for Qualified Vehicle Donations

Payroll Taxes

• Philadelphia Wage Tax Rate reduction effective July 1, 2009

New Key Numbers for 2010

All the numbers you need in one place including maximum retirement contributions including IRAs, standard mileage reimbursement, tax rates, estate and gift tax thresholds and more. Print this reference chart for use throughout the year.

• New: Mileage Rate Decrease effective January 1, 2010

Retirement Planning

• Required minimum distributions waived for 2009
• Lifetime required minimum distributions from traditional IRAs for clients age 70 and above
• When to Start Social Security Benefits

Higher Education Planning

• Saving for and paying for a Higher Education

Business Planning

• Entity Selection for the Business Owner

Estate Planning

• Do you need a Life Insurance Trust

Recordkeeping

• Retention of Tax Records

Credit Report

• Secure your privacy by monitoring your credit status: Get a Free Copy of Your Credit Report

Homeowners

• Is it Time to Refinance?