Although an annual review of your form W-4 (Employee’s Withholding Allowance Certificate) or estimated tax payments is always important, it may be particularly imperative to do so in 2009. The current economic recession and other changes to your personal and financial situation may have had, and will continue to have, a significant impact on your income. Moreover, recent changes in the tax law, including extensions of certain deductions and credits through 2009, make accurately estimating your tax and ensuring you are not overpaying in withholding all the more important. Changes in the latest stimulus tax package likely will require further adjustments to withholding and estimated tax for many taxpayers.
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Even though gas prices have gone down from their record highs six-months ago, many people are looking for ways to save on their energy costs. The Tax Code provides a number of energy tax incentives to encourage individuals and businesses to invest in energy-efficient property and also in alternative sources of energy. One of those incentives is the Code Sec. 25C residential energy property tax credit for individuals.
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Saving for college is always difficult and is even more so during the current economic downturn. One of the most popular college savings plans are so-called “529 plans”. The IRS recently announced that participants in 529 plans will be able to change their investments more often in 2009 than in past years. The IRS will allow a change in investment strategy twice in 2009. This is good news for 529 plan participants, especially those who may otherwise be locked into a mix of investments that has turned out to the more speculative than initially contemplated.
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