Newsletters and Articles We here at McDavid and Company, CPA's 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 newsletters and articles for you to view. If you would like to receive our most recent tax planning letter, which addresses the current major tax changes and their implications at mid-year 2010, please e-mail us at cpa@mcdavidco.com or call us at 352-373-1080 to request your copy. Net Client Newsletter                                                                                                                                            Information on our Web-based accounting program.

Business Benefits of the Stimulus Act As you have probably heard, the recently enacted Economic Stimulus Act of 2008 (Stimulus Act) provided tax rebates for millions of individuals.   Used Vehicle Donation Rules There are strict rules for charitable contributions of used motor vehicles, boats, and airplanes that apply to donations valued at over $500. If these rules are not met, a taxpayer cannot claim a charitable deduction. This article explains how the rules work and how taxpayers can verify their donation of a used vehicle, boat, or plane.   Changes to the Home Sale Gain Exclusion Many taxpayers bought a second home, such as a vacation home, with the intention of later converting the second home into their principal residence. Under pre-2008 Housing Act law, those taxpayers could have excluded up to $250,000 ($500,000 for certain joint filers) upon a later sale of that former vacation home as long as the two-year ownership and use tests for the exclusion were satisfied.