Savings Bonds as a form of your tax refund.

Buying Savings Bonds

This year, a taxpayer for the first time can request a portion of his refund be used to buy up to $5,000 in low-risk, liquid Treasury I Bonds, which earn interest and protect owners against inflation.

Looking for the status of your income tax refund?

If you are looking for the status of your IRS tax refund, click here

2009 First Time Homebuyers Credit - Extended

The $8,000 credit is extended for purchases made before May 1, 2010.

New $6,500 Credit for Existing Homeowners

A taxpayer is eligible for a credit up to $6,500 ($3,250 if separate returns are filed) provided the taxpayer (and if married, the taxpayer’s spouse) has owned the same principal residence for any five consecutive years during the eight-year period ending on the date of purchase.

Vehicle Expenses for Business Use

It is a misconception that you may deduct the full cost of a passenger vehicle if you use it in your business with no restrictions. Utility trucks, work vans with no passenger seats, over-the road tractors, vehicles left at your place of business, and some other types of specialty vehicles are not usually passenger vehicles, and might POSSIBLY be allowed a deduction of 100% of all expenses without logs. But this is determined by considering each vehicle and the situations surrounding the use of each vehicle. An additional note; just because you have a sign on your vehicle, advertising your business does not make your vehicle 100% business use. It does make the sign a business deduction, however.

Converting Traditional IRA's to Roth IRA's

Caution: If you convert your regular IRA to a Roth, watch out for this payout quirk.

You can be hit with a 10% penalty on withdrawals in the first five years after the conversion, even if you take out funds you converted from the IRA tax free. Normally, the penalty only applies to taxable withdrawals. But IRS regulations say the entire payout is hit with the 10% penalty unless you’ve turned 59½, are disabled or have elected to take a series of substantially equal distributions from the Roth.

NEW - FSA's, HSA's, and HRA's

A new restriction … no more using Flexible Spending Accounts, Health Savings Accounts, or Health Reimbursement Arrangements to pay for any over-the-counter medicines.