Bush Signs Housing, Economic Recovery Bill

WASHINGTON -- July 30 -- President George W. Bush early Wednesday signed into law the government's most aggressive effort to combat the country's housing crisis, ending months of sometimes bitter fighting over the best way to curb foreclosures and calm financial markets..........

Wall Street Journal

Deducting "Other" Business Expenses

The mysterious “other.”

Some tax deductions are not mentioned by name on a tax form but can still be quite valuable to a taxpayer. If you own a trade or business, you can deduct a number of expenses under the broad category of “other.”

In general, taxpayers may deduct ordinary and necessary expenses incurred in the conducting of a trade or business. An ordinary expense is common and accepted in the taxpayer’s trade or business. A necessary expense is appropriate for the business.........

Internal Revenue Service

Putting Your Younger Children On The Payroll

Does it make sense to put your children on the payroll for a summer or part-time job? While there are certainly tax implications, there are business and personal issues to consider too. Before digging into the details, let's discuss some general issues. First, is the child going to get paid? If he or she is going to occasionally help you out in your home office, doing some filing, stuffing envelopes, etc. and the work is minimal, you might want to bypass the formalities and just put something extra in the child's allowance. Paying a salary, withholding, etc. can be a nuisance if you have no other employees. On the other hand, adding him or her to an existing payroll is usually easy...........

A/N Group

FDIC Insurance Rules

With the current worry about the solvency of banks, many bank customers are questioning whether or not they're insured and for how much. This discussion isn't intended to cover all possible questions, just the ones you're most frequently
asked.........

A/N Group, Inc.

CCH Explains Housing Bailout Bill

July 28, 2008 (SmartPros) — The Housing and Economic Recovery Act of 2008, designed to reduce foreclosures, strengthen the housing market and shore up lending institutions will also change the amounts many taxpayers owe to the IRS, according to CCH

The Act passed the House on July 23 and the Senate is scheduled to follow suit shortly (Editor's Note: The Senate passed the measure Saturday, July 26), with assurance from the White House that President Bush will sign the measure..............

Michigan Education Trust (MET) Offers Free College Savings Webinars

Online Programs Help Families Learn About College Savings

To help parents and grandparents learn more about saving for their children's future education, the Michigan Education Trust (MET) and Michigan Education Savings Program (MESP) will hold College Savings Webinars in July and August 2008. MET is the state's prepaid tuition program that locks in tomorrow's tuition at today's rates. MESP is the state's 529 college savings plan.........

Michigan Treasury

Can You Take A Home Office Deduction?

If you plan to run your small business out of your home you may be temped to “write-off” many of your household expenses. But how do you know what is deductible and what is not? The IRS has some advice that may help answer the question: “Can I take a Home Office Deduction?”

Generally, expenses related to the rent, purchase, maintenance and repair of a personal residence are not deductible..........

Internal Revenue Service

Scammers Use E-Mail. Fax To Pose As IRS

WASHINGTON — The Internal Revenue Service cautions taxpayers to be on the lookout for a new wave of scams using the IRS name in identity theft e-mails, or phishing, that have circulated during the last two months.

In May and June alone, taxpayers reported almost 700 separate phishing incidents to the IRS. In 2008 so far, taxpayers have reported about 1,600 phishing incidents to the IRS.

“Taxpayers should take steps to keep their personal information out of the hands of identity thieves,” said IRS Commissioner Doug Shulman. “That includes not falling for any of the phony e-mails or faxes now in circulation pretending to come from the IRS.”..........

Gambling Winnings & Losses

Your summer vacation may mean a trip to the casino or the racetrack. What will you owe Uncle Sam if Lady Luck happens to be on your side?

Gambling winnings are fully taxable and must be reported on your tax return.......

Internal Revenue Service