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News Hot Off The Press
February 17, 2009
It's signed, The long awaited Stimulus Bill. How Much? 787 billion dollars. Will it work? Time will tell. who will it benfit? read more.......
January 22, 2009
Tax cuts will be a key part of the upcoming economic stimulus measure
that Congress is getting ready to put together. President-elect Obama wants lawmakers to approve the package quickly to help jump-start the economy.
A new tax credit for up to $500 of payroll tax paid by workers tops the list. Many of the details are still being worked out, including denying it to upper-incomers and how to get it into taxpayers’ hands quickly. Instead of having IRS issue rebates, lawmakers will most likely have IRS rejigger the withholding tables to add the money to workers’ paychecks. Also likely to pass: Proposals to allow more low-incomers to claim the $1,000 child tax credit and to sweeten the earned income tax credit.
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Business won’t be left out, either. 50% bonus depreciation, which lapsed at the end of 2008, will be reinstated for all of 2009 and possibly for 2010 as well. Ditto for the higher $250,000 ceiling on expensing assets. And firms with losses in 2008 and 2009 may be allowed to carry them back five years to offset taxes paid.
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IRS audits are on the rise. This year’s stimulus package will not call for rebate checks, so the Service can get back to examining returns.
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