September 2nd, 2009
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A July 2009 report on Home Mortgage Interest Deductions by the Government Accountability Office has received a lot of publicity recently. The report highlights the tremendous amount of confusion on how to appropriately report Mortgage Interest. And many people speculate that the IRS will soon pay more attention to how people report their Home Mortgage Interest. Read more…
The business meal and entertainment tax deduction may soon change from an appetizer to a main course. U.S. Representative Neil Abercrombie (HI) has reintroduced a bill to the 111th Congress that aims to increase the business meal and entertainment tax deduction from 50% to 80%. Cosponsored by three U.S. Representatives, House Bill 3333 has been floating throughout congress in some capacity for several years. Most recently, Representative Abercrombie’s 2007 version of the bill (H.R 2648) died in the 110th Congress after being referred to the House Committee on Ways and Means. The bill has also been presented to the Senate during previous sessions, always suffering the same fate.
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Regardless of where you stand on the health care debate currently taking center stage in U.S. political discussions, there is one thing we all can agree on – health care is expensive, very expensive. Whether in the form of health insurance premiums, prescription drug costs or hospital bills, health care expenses can make a substantial impact on any family’s budget. Read more…
In light of ailing auto sales and an added emphasis on energy efficiency, the federal government has unveiled tax breaks and rebates for people who purchase a new car in 2009 (including an additional break if you think green while doing so). While these credits and deductions do not apply to all taxpayers and consumers, many Americans will likely benefit from the incentives.