Here at KOENIG & LUNDIN, S.C., we feel that an informed client is our best customer.  We know that there is a lot of information on the Internet and it can be tough to determine what is valuable.  The following articles have been prepared to keep you up-to-date on current tax issues and laws.  Click on the links below to learn more. American Opportunity Tax Credit and Lifetime Learning Credit  The American Opportunity tax credit (the Hope credit, as modified for 2009 and 2010) and the Lifetime Learning credit for "qualified tuition and related expenses" may allow you to turn part of the higher education expenses you incur for yourself, your spouse, or your dependents into tax savings. Tax Changes Affecting Small Business in the 2010 Health Reform Legislation  For owners of small businesses and their workers, the recently enacted Health Reform Legislation has some key provisions to pay attention to.  The major ones include tax credits, excise taxes, and penalties. Code Section 179 Expense Election for Business Property  Generally, the cost of property placed in service in a trade or business cannot be deducted in the year it is placed in service if the property will be useful beyond the year.  However, you can elect to take an immediate deduction in the year the property is placed into service beginning in 2010. Residential Energy Efficient Property Credit  The Residential Energy Efficient Property Credit has been expanded to thirty percent (30%) of the total cost of qualified property and installation fees, with no limit to the maximum credit amount, except for fuel cell property, through December 31, 2016.  Existing homes and new home construction are eligible for the credit.

Substantiating Charitable Contributions As we approach year-end, many of us may need to catch up on our charitable contributions for a number of reasons in addition to a tax break. So, let's briefly review the IRS rules on deducting charitable contributions.   Preserving Tax Deductions for Business Travel If a taxpayer's trip is undertaken solely for business reasons, reasonable and necessary travel expenses, including travel fares, lodging, meals, and incidental expenses in getting to and from the destination are generally deductible on federal tax returns (subject to the 50% disallowance for meals and entertainment).   Selling a Corporate Business When selling a corporate business, there are several ways to minimize the resulting tax bill. This article summarizes some of the more important tax and business considerations.