Sullivan & Sullivan PLLC

The recently signed health care legislation has an official name, but you probably think of it simply as  health care reform. And now that it's law, you may be wondering what tax changes are in store.

Here's a recap of some rules included in the two health care bills that will affect your individual and business tax returns.

The "Worker, Homeownership, and Business Assistance Act of 2009," which was signed into law on November 6, 2009, made significant changes to the homebuyer tax credit.  Here are the details.

CREDIT EXTENDED. The new law makes the credit available through April 30, 2010. If your transaction is incomplete as of April 30, you'll still be able to claim this tax break on your 2009 or 2010 return, provided you have a binding written contract and close by June 30, 2010.

Summertime is often wedding time. If you or someone in your family got married this summer (or is planning a wedding soon), remember to take care of a few taxing details.

Congress acted just before its August recess to keep a popular car trade-in program alive.

The "American Recovery and Reinvestment Act," signed by President Obama on February 17, 2009, contains a number of provisions that will affect businesses. Here's a brief overview.

You're probably aware that President Obama signed the "American Recovery and Reinvestment Act of 2009" on February 17. But have you checked to see what the new law contains that could benefit you? Here's a quick look at the law's tax changes and who's likely to benefit.

If you or someone in your family is 70½ or older (or will be this year), here's important news

On October 3, 2008, President Bush signed the "Emergency Economic Stabilization Act of 2008"
(H.R. 1424).

The main thrust of this new law is to make funds available to the credit market and keep the economy going. In addition to the $700 billion bailout provisions, the law includes some tax law changes that could affect your tax planning.

Early fall is the perfect time to take stock of your
tax situation for the year. You have enough information
to produce a reasonably close estimate of your 2008
income and deductions, and there's still enough time
left before year-end to make some tax-saving moves.
Here are a few possible tax-savers to consider.

* Avoid tax underpayment penalties by adjusting your
  income tax withholding over the remainder of 2008.
  Withholding is treated as having been paid in evenly
  over the full year.

With gas prices soaring, the IRS has announced an increase in the standard mileage rates that taxpayers can use to deduct the cost of driving for business, medical services, or moving.

BUSINESS. Effective for driving from July 1 through December 31, 2008, the standard mileage rate for business driving has been increased to 58.5¢ per mile.

The rate for business miles driven from January 1 through June 30, 2008, remains at the previous rate of 50.5¢ a mile.