You May Be Able to Benefit from Recent Tax Legislation...

If your business suffered net operating losses (NOLs) in 2008 or 2009, a new Act signed into law on November 6, 2009, may make it easier for you to get immediate tax savings from NOLs. The Worker, Homeownership, and Business Assistance Act of 2009 allows certain NOLS to be carried back to earlier, more profitable years. Under this Act, qualifying businesses can choose to carry back 2009 losses for up to 5 years. The Act also allows businesses to carryback NOLs from 2008 back as far as 2003. Some restrictions apply. Your tax preparer can help you do a careful analysis of your business's NOLs and assets for 2009 and 2008, as well as your taxable income for the past 6 years to determine if you can use this new Act to your advantage.

If your business owns real estate which is worth less than the tax basis and your business sells that real estate prior to 2010, you may be able to carry the tax loss back to 2004, 2005 or 2006. Be aware that the Treasury will hold this sale to strict standards to avoid abuse. The sale must be legitimate and sold to unrelated parties.

If you purchased a home for the first time after April 9, 2008, or intend to purchase a new home for the first time before July 1, 2010; you may qualify for the extended and relaxed guidelines for the homebuyer credit included in this Act. The homebuyer credit is now available to higher income taxpayers and the purchase date of the new home has been extended to homes purchase prior to July 1, 2010.

Call your tax preparer at 561-994-5050 to find out if you or your business can benefit from the new Worker, Homeownership and Business Assistance Act of 2009.