Laws That Can Help During Tax Season

In the present day’s recession the changes seem massive. Just last year a number of tax laws were written to bail us out of dire situations. These are a few new tax laws that you should know about.

The first deals with new car sales and tax deductions. If you purchased a brand new vehicle, including a car, motorcycle, light truck or motor home, on or after February 16th 2009 and by December 31st 2009, any excise or sales tax paid may be seen as a deduction.

In 2010 and 2009 in addition the American Opportunity Credit replaces the Hope Education credit. This new credit is worth $2,500 per student, this is based off the first $4,000 of qualifying educational expenses.

Homeowners that make energy efficient improvements to their existing homes can claim a credit of 30 percent of the cost of all of the upgrades, up to $1,500. This includes things such as adding insulation, energy efficient exterior windows and energy efficient air conditioning and heating systems.

Last year was tough for many workers, and layoffs hit record levels. However, unemployment compensation is considered taxable income. But now, the first $2,400 in benefits is excluded from income.

Because of the Bicycle Commuter Act, cyclists will receive reimbursement of workplace transportation costs into a tax favored account and bikers can utilize the cash to put towards purchase of a bicycle, helmet, bike lock, bike parking fees and general bike maintenance.

In addition, if you pay your income tax by credit or debit card, you can deduct the convenience fee that will be charged for the transaction. The card fee, as well as any other IRS approved miscellaneous deductions must exceed 2 percent of your adjusted gross income before they will count. Even though this measure limits the value of this break for many, filers with substantial expenses to claim should be sure to add the card fee.

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Cali Collection Company Attempts To Get Healthy And Fit

A debt collection company based in California initiated a ploy to educate and motivate employees to live healthier lifestyles in early January. There are twenty eight employees at the agency; more than half are currently participating in the implementation.

All of the parties that are involved have made a goal to lose ten percent of their total body weight by the end of June. Every Monday morning weigh-ins are scheduled and employees have a chance to win two cash rewards for losing five percent of their body weight by the end of March, and then another five percent by the end of June.

The Agency’s executive stated he had been considering the initiative for quite some time. He deems it perfect for the stereotypical office setting that is fraught with unhealthy eating, and employees taking breaks to get fast food. He made note of the fact that trying to make employees lose weight was more cost efficient than actually getting health insurance for his workers.

In a ploy to get employees to live healthier, the agency has sporadic lunches and “education track meetings” once a week. The meetings are supposed to assist employees target and plan for their weight loss goal. So far the program has been a success. The collection company has collectively lost 72 pounds to date. That’s the size of a small child.

The program works to produce a better all around worker. It follows that a worker that is less stressed will be more efficient and motivated. While a really relaxed debt collector does not seem like they would be the most efficient worker, it all seems like a good idea. As the government tries to sort out the health care system, perhaps it is time that more companies like this take this route. If employees cannot get health insurance, health initiatives and goals at work could be the next best solution.

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City Of Cody Attempts To Collect Their Dues

This year, in the city of Cody, Wyoming, 219 utility accounts were sent out for collection. Only four of the bills came from property owners. Some people are suggesting that the city council consider holding property owners responsible for utility costs that their renters left unpaid. A policy like that could have added $180,000 to the city budget during the past five years, and furthermore, other utility users are subsidizing those that don’t pay their bills.

Landlords are offering quick and obvious objection, wondering why it should be their job to pay a bill that some other person racked up. Another plan has been proposed however, one that would require a deposit from every person opening up a utility account.

The policy change would involve a bit of modifications such as a requirement that a property owner co-sign a renter’s account. Tenants would get billed under their own account but have an open landlord account for each property. Unpaid bills would be transferred to the landlord’s account if the tenant doesn’t pay.

Deposit requirements would go from $150 to $200, and would be necessary for all accounts, regardless of their past credit history. Property owners would be notified of delinquencies, and they would be encouraged to contact the city to see if the bill got paid before returning rental deposits. All property owners would have to keep utilities in their names.

Proponents of the plan say that it is not out of line with what other cities are doing, and it is a simpler and more cost efficient way to collect money. Collection agencies receive about one third of what they collect in the city, and 60 percent of bills that go to collection remain unpaid.

Whatever decision they come to, it better be speedy: city officials are beginning to see a trend toward fewer people making deposits and more accounts being sent to collection.

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