Home Buyer Credit - CLOSING deadline extended to September 30, 2010

Tax Credits - Available for hiring unemployed workers and for providing healthcare coverage

Haiti earthquake relief - 2010 donations made in Jan-Feb can be deducted on 2009 returns for those that itemize deductions.

Education Credits - AOC replaces Hope Credit in most cases - applies to first four years - up from two - and $2,500 credit.  Portions of the education credit may be refundable!

2010 Standard Mileage Rate for business driving is 50 cents a mile

Missouri Unemployment - 2010 taxable wage base has increased to $13,000

Revisions 11/06/09 - Up to $2,400 in Unemployment Benefits tax free in 2009.

First time home buyers credit extended into 2010.  Must enter into a contract by April 30, 2010 and close by June 30,2010.  EXPANDED Income Limitations to included Singles with Modified Adjusted Gross Income between $125,000-$145,000 and Marrieds Filing Joint $225,000-245,000.

LONG-TIME homeowners may qualify for up to a $6,500 credit.  Must have lived in the same principal residence for any five consecutive year period during the eight year period that ended on the date the replacement home is purchased.

Roth conversions-If you are considering converting an IRA to a Roth IRA you might want to wait until 2010.  The ban on high income earners won't apply after this year.  And you can have 50% of the conversion income taxed in 2011 and the balance taxed in 2012.  But top bracket filers might want to pay the tax up front since the top rate is likely to go from 35% to 39.6% in after 2010.

10/16/2009 The Social Security wage base will remain $106,800 for 2010.  This is the first time the index hasn't budged since 1971.

Did your business suffer a loss in 2008?  The IRS has expanded the Net Operating Loss Carry-back to five years.  It’s possible that taxes paid up to five years ago can be refunded injecting cash flow back into your company!

Deadline to close on home purchased to qualify for first-time home buyer credit is November 30, 2009.  NOTE:  See revision 11/06/09!

07/24/09  Minimum wage increases to $7.25 from $6.55

03/30/09  New motor vehicle purchased from February 17, 2009 – December 31, 2009 could qualify for an additional tax deduction for sales tax paid on the purchase.