Things in the 'tax legislation' world are moving; we have published an 'online article' on tax savings for the home based business in the New Economy; and education is in
1. Seniors [65 to 69] get a $5,000 tax break, effective 01/01/00
Yesterday, by unanimous consent, and a vote of 422 to 2, the House passed H.R. 5, the Senior Citizens' Freedom to Work Act of 2000, and the Senate will follow ASAP, with the President, by letter to Congress, agreeing to sign it.
For an interesting online spin check out www.speaker.gov Distressed Communities' tax breaks are next in line, per House Speaker J. Dennis Hastert.
2. The Taxman86 Speaks published its first online article, and it looks like it was well received, enjoy if you so desire
In the following week's zine, HomeBusinessOnline editor Heidi Perry wrote '...So, what did you think of last week's article by tax attorney Jim Schneider? Did you visit his site? What do you think of his concepts? I can't seem to get it off my mind. I would really like some feedback from our readers on Jim's article.
A couple of comments about the article:
3. The Senate takes it's time, they are the learned ones
Yesterday if you turned on C-Span you would have seen, rider, after rider being voted on to S. 1134, 'The Affordable Education Act of 1999.'
One caught our eye, a tax credit vs. a deduction. If you give $3,000 to your favorite charity you get a personal deduction, subject to a floor, and if you make too much Adjusted Gross Income ['AGI'], a ceiling. A tax credit is a full dollar for dollar write off against your taxes. Yesterday the Senate adopted a new tax credit for computer equipment given to schools and senior centers of 30%, and if those schools or senior centers are in 'Empowerment/Enterprise Zones,' the tax credit is 50%.
[That also caught the eye of Tax Analysts, as they report: 'The Senate March 1 approved a number of riders to S. 1134, an education tax cut package, including proposals to encourage taxpayers to donate computers to schools and to permanently allow parents to coordinate tax breaks to help pay for college...' Check out the TaxAnalysts.org website for this and related tax topics.]
Are libraries also 'schools and senior centers'? If they are then the City of San Diego may have just been given a BIG GIFT! How will we know if libraries are 'schools and senior centers'? That is what tax lawyers do for fun, and a living sometimes. More on this topic later.
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.