Today on MyMoneyLife with Chuck Bentley

So much happened with the economy last year that you might have missed some of the big tax stories of 2009.

Here are the top 3—from a recent SmartMoney.com article:

1. No new taxes—yet.  Many experts predicted significant tax hikes in the first year of the Obama Administration, but this is another silver lining in the Great Recession: The economy was so bad last year that politicians didn’t dare raise your taxes. All that will likely change, however, if new health care legislation is signed into law with new taxes and penalties for those who don’t buy insurance.
   
2. The first time home buyer tax credit of $8,000 in the stimulus plan probably encouraged home sales and boosted values. The bad news is, it’s a really expensive fix that can’t go on forever.



3. Congress failed to fix the so-called “death tax” problem. Even though the death—or estate tax—will expire temporarily in 2010, under current law it will come back worse than ever beginning in 2011.  The estate tax is a family farm and small business killer, because it often forces heirs to sell off property just to meet the tax burden.

Well, now that the 2009 tax filing season has begun, it’s time to start organizing your receipts and records.

Also, there are a lot of new tax credits and deductions you should know about—for things like college tuition, new vehicle purchases and home weatherization. Just go to Crown.org and click on “My MoneyLife for the link to the complete IRS list.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes