At Young & Bell we strive to keep up-to-date on issues that affect our profession and our clients.    We've provided access to some timely news articles that may be of interest to you.   Please feel free to call us if you have specific questions or would like additional information on any tax-related or accounting issues.

Changes to the Home Sale Gain Exclusion Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the two-year ownership and use tests for the exclusion were satisfied.   Sales Tax Write-offs for Vehicles and Motor Homes A provision in the recent Stimulus Act provides that qualified motor vehicle taxes are deductible as either an itemized deduction or as a component of the standard deduction.   Prepare Financially for a Possible Job Loss Fresh reports of layoffs abound, and the unemployment rate continues to climb. It?s now over 10% in quite a few states, and the national rate could be there before long.