Clues to help solve your financial and tax puzzles!

Monthly Archive October, 2006

Online Payment Agreement Available for federal taxes

October 20, 2006

Online Payment Agreement Available Taxpayers who owe delinquent federal income taxes will now be able to apply online for a payment agreement. The Online Payment Agreement (OPA) [...]

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Military Reservists receive retroactive tax relief

October 2, 2006

The Pension Protection Act of 2006 provides retroactive tax relief to military reservists activated after September 11, 2001, and before December 31, 2007. Military reservists called to active duty can receive payments from their individual retirement accounts, 401(k) plans and 403(b) tax-sheltered annuities without having to pay the 10 percent early-distribution tax.

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Tax Credit for some Toyota vehicles drops starting 9/30/06

Toyota has sold its first 60,000 vehicles qualifying for advance lean burn technology and hybrid vehicles. As a result, after today the vehicle credit drops by half and will continue to drop according to the table on page four of this notice: http://www.irs.gov/pub/irs-drop/n-06-78.pdf

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Leonard D. Rea, EA, CFP® (Enrolled Agent, Certified Financial Planner™)
and his team, serving individuals and businesses in the Massachusetts area since 1986.

Leonard Rea, Sturbridge Taxman

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