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Business Benefits of the Stimulus Act
As you have probably heard, the recently enacted Economic Stimulus Act of 2008 (Stimulus Act) provided tax rebates for millions of individuals. The Stimulus Act also provides some generous tax breaks for businesses, particularly small and medium size businesses.
Planning for the "0%" Capital Gains rate
Beginning in 2008 and extending through 2010, taxpayers in the 10% and 15% general tax brackets (e.g., joint filers with 2008 taxable income of $65,100 or less) are eligible for the new 0% long-term capital gains rate through 2010.
Use Your Vacation Home for Retirement Savings
Many taxpayers own vacation homes in the area where they eventually plan to retire. In this situation, a vacation home can prove to be a tax-advantaged retirement fund.
Swapping Bonds to Claim Losses
Taxpayers holding bonds that have decreased in value may benefit from a technique known as a bond swap.
Claiming Head of Household Status in Divorce Situations
In some divorce situations, parents are awarded joint custody of their children. Claiming head of household (HOH) status by either parent depends on where the child resides for more than half the year, along with whether that parent meets the remaining head of household tests.
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elcome to this month's edition of the Tax and Business Alert. Our goal is to provide you with current articles on various tax and business topics. The articles are intended to keep you up to date on trends and issues that may impact your business and personal financial affairs. Please contact us if you have questions about any of the issues discussed.