NEW CARS PURCHASED IN 2009 OFFER YOU SPECIAL TAX BREAKS

You probably already know that if you plan to buy a new car,this is the year to do it.
Here are the details...

● New deduction is only for buying NEW vehicles (not used)

● Purchase must be made after 2-16-09 and before 1-1-10

● Allows taxpayer to deduct State or Local Sales Taxes
or Excise Taxes you pay on the purchase.

● Limited to the fees or taxes paid purchase price up to
maximum of $49,500

● Deduction phased out for high income earners making
$125,000 to $135,000 (for individual filers), and between
$250,000 to $260,000 (for joint filers)

● Does NOT require taxpayers itemize deductions
And, because our government wants
no new car buyer left behind...

● In states that don't have a sales tax (AK, DE, HI, MT & OR)
you are entitled to deduct any other fees or taxes imposed by
state or local government.

"THE MORE THINGS CHANGE, THE MORE THEY STAY THE SAME"

"The art of taxation consists in so plucking the goose as to

obtain the largest possible amount of feathers

with the smallest possible amount of hissing."

J.B. Colbert,

Finance Minister to KING LOUIS XIV

YOU CAN GET BIG TAX SAVINGS BY HIRING YOUR KIDS THIS SUMMER...

The money you pay them can be 100% tax-deductible to
you (as a wage expense) and the money they earn from
you can be 100% tax-free to them as minors.
A minor can earn up to $5,700 TOTALLY TAX-FREE!

If you want to give your minor child $5,000 to cover tuition
expenses, or whatever, you would first have to earn about
$7,500 in wages at your W-2 job, in order to see $5,000 in
after-tax take home pay.
But if that same minor earns $5,000 in part time wages by
working for you in your home-based business, you only
have to earn $5,000 to pay them $5,000 -- a savings of
$2,500 to you.

Now, here's the Big Problem
WITH the Easy Solution...

BIG PROBLEM:
The "big problem" with doing that, is that the IRS requires you
to do several specific things in order to qualify for the deductions.
If you miss any one of the steps, you can lose ALL the deductions.

EASY SOLUTION:
I will tell you exactly what each of those steps are, and I'll
even give you every form and document you'll need to qualify.

"HIRE YOUR KIDS and get BIG TAX SAVINGS," the topic
of this month's "Mastering Tax Savings" tele-briefing series
will be held this Wednesday.

http://homebusinesstaxsavings.com/new_home/12months.php

HEALTH CARE COSTS --BUT THIS TIME IT'S GOOD NEWS!

When Washington "fixes" our health care problem, they
will need a plan to pay for it, right? They are looking at
reducing or taking away the itemized deduction for health care
costs you pay out of your own pocket.

Restrictions already are tough. In order to get any deduction
for any health costs, most taxpayers must (a) file an itemized tax return -
i.e., a Schedule A, AND (b) even then, you can deduct only the amount
over and above 7.5% of your taxable income.

Example...
If you make $40,000 in taxable income, your first $3,000 (7.5% of $40,000)
worth of out-of-pocket health costs still are your problem.
You can deduct only the amount above that threshold.
That's for MOST taxpayers -- but NOT YOU.

If you have a home-based business, you can use the
Tax Code "Section 105 Plan," to move deductions to your
Schedule C as a Business expense, not Schedule A as a Personal deduction.

See Ch. 7 of "Home Business Tax Savings MADE EASY!" available at http://www.homebusinesstaxsavings.com/ .

MORE ON HEALTH CARE COSTS --BUT THIS TIME IT'S GOOD NEWS!
The IRS has just sent an Internal Memo to its field units (read: auditors)
telling them it's okay if a self-employed person takes
money from their 401(k) to pay for Health Insurance,
even if they are not yet 50-½ yrs old --
IF they meet the following requirement...

Although self-employed people do not qualify for unemployment benefits,
if they can show that they would have qualified for benefits for at least
12 consecutive weeks, if they had been an employee, they can use their
401(k) money to pay for Health Insurance coverage, skirting the 10%
penalty usually assessed on early withdraws.