Tax Guru-Ker$tetter Letter

Friday, October 15, 2004

Everson Bullish on IRS Enforcement Despite Bleak Funding Outlook

Luxury SUV Loophole Curbed in ETI Bill - Remember that it doesn't actually take effect until President Bush signs this into law, which will probably be next week. The auto dealerships should be crowded this weekend with people trying to get in under the wire.

Educators Should Save Receipts for Reinstated Deduction - This small but useful tax deduction was extended retroactively to the beginning of 2004. The best way to make sure you are able to properly claim the appropriate amount is to keep track of all of your expenditures (cash, checks, credit cards, etc) with QuickBooks.

2005 Toyota Prius Certified for Clean-Fuel Deduction; New Law Restores Full Deduction Amount for 2004 and 2005 - This is one of the only deductions available for purchases of non-business vehicles. However, with the reinstatement of the itemized Schedule A deduction for sales tax for some people, there will be more tax breaks for individuals buying non-business vehicles.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 10/15/2004 05:31:00 PM Send this post: