Dates to Remember
Sept. 15
Estimated tax due. Your third-quarter estimated tax payment (using Form 1040-ES) for 2009 is due.Business tax return due. Your 2008 income tax return is due if you filed an extension request using Form 7004
Oct. 15
Income tax return due. Your 2008 income tax return is due if you filed an extension request using Form 4868.
In This Issue
SBA FUNDING FOR SMALL BUSINESS
22 Tax Breaks That Expire
Featured Service
Quote
I owe my success to having listened respectfully to the very best advice, and then going away and doing the exact opposite.
- G. K. Chesterton
Funding for small businesses
The U.S. Small Business Administration announced a new emergency bridge-lending program geared toward helping struggling small businesses ride out the current recession.
Calling it another "tool to our toolbox" SBA head Karen Mills said the new American Recovery Capital (ARC) program will offer "viable" small businesses temporary six-month loans of up to $35,000. Read More >
Twenty-Two Last-Chance Opportunities for Tax Savings
1. Income. Up to $2,400 of unemployment compensation benefits are excluded from gross income by the recipient. However, the exclusion is not available for benefits received in tax years beginning after 2009 [IRC Sec. 85(c)].
2. Personal deductions. Clients can claim a deduction (whether they itemize or claim the standard deduction) for sales or excises taxes paid on the purchase of a new vehicle. The deduction (phased out at higher income levels) does not apply to purchases after December 31, 2009 [IRC Sec. 164(b)(6)(G)].