We here at Planche · Politz · Ledet, LLC 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. That is why we have selected the following articles for you to view.  Check here for new articles appearing monthly.  We have summarized here recent tax changes and highlights.   As always, if you have any questions regarding this information, please call the office at (225) 291-4141. 2010 Mileage Rate for businesses is 50 cents per mile. This is down from the 2009 rate of 55 cents per mile. Deduction in 2009 available for new auto purchases made between 2/17/09and 1/1/10.  In addition to first time homebuyers, now existing home buyers are eligible for a federal tax credit on homes purchased after 11/6/09.  The home must be identified by 4/30/10 and the purchase must close by 6/30/10 2010 will be the year for the ROTH IRA Conversions due to the removal of the Modified Adjusted Gross Income limitation.  If you have been considering converting funds to a ROTH IRA, please contact us for more specific planning based on your personal situation. Taxpayers can exclude from income the discharge of qualified personal residence debt before 1/1/2013.  Are you a day trader?  There are provisions that allow you to deduct your business expenses on Schedule C for Day Trader business. Click www.irs.gov/taxtopics/tc429.html for more information. Were you a victim of a PONZI scheme?  These losses are allowed as Theft loss, not subject to the 10% of AGI Limitation.  Limits do apply if the taxpayer is pursuing a recovery.  Please see this link for more information www.irs.gov/newsroom/article/0,,id=205374,00.html The Annual Gift Tax Exclusion for 2009 is $13,000. Regarding Charitable Contributions to be deducted on Schedule A, you MUST have a statement from the charity, or a bank record of the contribution.  There is NO dollar threshold for this record keeping requirement.

Housing Credit Information The National Association of Home Builders provides a comprehensive overview of the first-time homebuyer tax credit at www.federalhousingtaxcredit.com.   American Opportunity Credit For tax years beginning in 2009 and 2010, the Stimulus Act includes taxpayer-friendly modifications to the Hope Scholarship higher education tax credit (Hope Credit).   Traditional to Roth IRA Conversions Four years ago, the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) relaxed some restrictive rules preventing many taxpayers from converting a traditional IRA to a Roth IRA, but this favorable change was not effective until 2010.