TaxDude - add/view comments ()

President Obama signed the American Recovery and Reinvestment Act of 2009 into law on February 17, 2009. This is a sweeping $789 billion economic recovery package that contains an estimated $276 billion tax cut. There are many new tax provisions following is a short summary of them.

President Obama signed the American Recovery and Reinvestment Act of 2009 into law on February 17, 2009. This is a sweeping $789 billion  economic recovery... (continue reading)

A new President has been elected who has proposed dramatic tax changes for the future. Only time will tell if Barack Obama is able to follow through with these ambitious changes. Following is a synopsis of his plans.

1) Obama has proposed a $1,000 “Making Work Pay” tax credit, which according to his plans will benefit 95% of all working families. During the campaign, the term 95% was typically used to indicate families earning less than $200,000; thus Judging from this... (continue reading)

With the end of 2008 nearing, now is a good time to consider a few options that could save you on your taxes. As there are lots of proposed tax changes in the air, it is hard to know for sure what your 2009 taxes will be, but here are our suggestions.

As usual the main suggestion is to postpone taxable income and accelerate deductible payments.

1. Charity. If you itemize your deductions, any gifts to charity you make before the end of the year are deductible. Not only will you... (continue reading)