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Tuesday, October 7, 2008

About Taxes: Tax Provisions in the Bailout Legislation

About.com    Taxes
In the Spotlight | More Topics |
  from William Perez
All eyes have been on Washington to see if our lawmakers could pass legislation to bailout the financial services industry. Congress has passed the bailout bill, and it contains a massive amount of tax breaks that will impact nearly every single taxpayer in the coming year.
 
In the Spotlight
Tax Provisions in the Bailout Legislation
The Emergency Economic Stabilization Act extends several tax breaks that expired in 2007, provides a temporary one-year patch for the AMT, adds several new tax breaks, extensions, and even a few tax hikes. Do you ride a bike to work or thinking about an electric car? Yep, there's some new tax breaks for going green. There law also accelerates the refundable portion of the minimum tax credit. read more

 
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Filing Resources for the October 15th Deadline
The final deadline to submit tax returns for the year 2007 is October 15, 2008. That's next Wednesday. This is also the last day to make a SEP-IRA contribution if you are self-employed, and the last day to e-file. read more

 
Taking Early Distributions from an IRA
People may need to tap into their individual retirement account before turning age fifty-nine and a half. Withdrawing money before that age subjects the funds to an additional 10% tax. Have questions about cashing out your IRA? Leave a comment and I'll be happy to respond. read more

 
 
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