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.doc  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.doc  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.doc  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.

Retaining Tax Information and Records Retaining and storing your income tax information and records is an important final step of your tax filing responsibility. This article contains information on the rules for keeping your tax records.   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.   Working May Decrease Your Social Security Benefits Many taxpayers currently underemployed due to recent economic conditions may consider applying for social security retirement benefits earlier than they previously planned to supplement their income. But, continuing to work while receiving those benefits may cause their benefits to be reduced below the anticipated amount.