Rodman & Rodman, P.C. Advises Taxpayers of Federal Bailout’s Tax Provisions

Rodman & Rodman, P.C., Certified Public Accountants and Business Strategists accouterment to baby and average sized companies throughout New England, outlines these tax accoutrement for taxpayers.

A amount of abatement accoutrement accept been implemented to anticipate average assets taxpayers from falling casualty to AMT. These include:

•AMT absolution aggregate increases to $69,950 for collective filers and $46,200 for individual filers.
•Allowing taxpayers to account assorted nonrefundable claimed credits adjoin AMT, including, the abased affliction credit, adolescent tax credit, and Hope and Lifetime Learning acclaim as able-bodied as added credits;
•For taxpayers who exercise allurement banal options, acquainted apparition assets for AMT, there has been an addendum and amplification of the bound relief.

With attention to accommodating provisions:

•The accouterment acceptance taxpayers age-old 70 ½ to accord up to $100,000 to accessible charities from IRA or Roth IRA accounts after acquainted such amounts as taxable assets has been continued through 2009.

Other notable provisions:

•Favorable changes accept been fabricated to the Alternative Simplified Credit and the Research and Development Credit has been continued through 2009.
•Favorable Depreciation 15 year write-off rules for able leasehold, restaurant and retail improvements are continued through 2008.

There are abounding extensions, modifications and new rules for accepted activity credits including:

•The 30 percent Investment Tax Credit for solar activity acreage is continued through 2016
•The Credit for Residential Solar Property is aswell continued through 2016 with added acclaim caps
•There is now a "Plug In" car tax acclaim alignment from $2,500 to $7,500 (although the acclaim is phased out afterwards the 250,000th bung in car has been sold)
•The Energy Efficient Residential acclaim is continued through 2009 with some added incentives
•The law acceptance taxpayers to abstract assertive costs of activity able acreage for bartering barrio is continued through 2013
•The Contractor Construction Energy acclaim acceptance contractors a acclaim for the architecture of activity able homes is continued through 2009.

Various acquirement raisers accept been imposed to account the aloft tax incentives such as:

•Brokers are allowable to address to the IRS on affairs involving about traded securities, extending the FUTA surtax of .2% through 2010 as able-bodied as added accoutrement targeted to specific taxpayers such as activity and oil companies.

“We acerb appetite taxpayers to argue with a tax able if they accept any questions about the new tax provisions,” explained Steven P. Rodman, CPA, MST, admiral of Rodman & Rodman, P.C.

Rodman & Rodman, P.C.
Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business casework to baby and medium-sized companies throughout New England. With a focus on cardinal planning, Rodman & Rodman goes above acceptable accounting casework and takes a proactive access if confined audience to increase, bottle and sustain clients’ banking net worth.

From business valuations, taxation, audits, artifice apprehension and blockage casework and assumption planning to a array of accounting IT casework including software selection, accomplishing and training, the aggregation at Rodman & Rodman serves as absolute admiral to clients. For alone clients, the aggregation offers claimed advising casework such as planning for absolute acreage transactions, accepting financing, acreage planning and retirement planning as able-bodied as planning for academy education. Rodman & Rodman Certified Public Accountants are amid at 3 Newton Executive Park in Newton, Mass. For added information, appointment their website at www.rodmancpa.com or acquaintance Jen Reading at (617) 965-5959.