Biz Miss

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The Change in Your Changepurse February 10, 2009

That time of year-a
Tax time is here-a
Many lira
Disappear-a

The above is perhaps my favorite all-time tax rhyme.  It’s from a song by Adam Sandler’s “Opera Man,” sung during SNL’s Weekend Update segment.  Even without paying taxes, many of us have recently seen our money begin to evaporate, in the form of slower sales, exhorbitant gas prices and drops in property value.  Some of these issues have been somewhat mitigated by the IRS’s 2008 Tax Changes for Businesses, while others have been made worse.  You can take higher per-mile deductions for your car, for example, but the maximum amount of earnings subject to the Self-Employment (Social Security) tax has increased.  If you’re using current tax preparation software, these changes should all be included, but if you’re filing manually, make sure you take these new rules into account.

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