UBS agreed to reveal 4,450 wealthy Americans holding offshore accounts. US will soon begin criminal prosecution of people using foreign bank accounts to evade income taxes.

A hedge fund bet millions that natural gas prices will triple by winter as commodity prices slides to a seven-year low.

Identity theft (stealing personal info) has been a hot topic.

Stealing people's identity has been a hot topic lately. Here are some tips tp avoid this issue:
1. IRS does not contact taxpayers via email.
2. IRS will usually contact taxpayers via mail. If you receive anything related to identity theft, respond immediately.
3. Do not disclose your social security number to people unless it is absolutely nexessary. Don't carry around your social security card.
4. Have you received a notice from the IRS that more than 1 tax return has been filed? If so, chances are your social security number was stolen and someone used your SS# to claim a refund.

source: http://www.irs.gov/newsroom/article/0,,id=211493,00.html

Do you have a hobby? Does it generate income? It may have tax implications.

We all have certain hobbies. Some we lose money and some we make money. Some are for fun and some are not. If you're consistently earning a profit from you're hobby, then there may be certain tax implications. The question is: is it a hobby or a business? Here's several questions to determine:
1. Is there an intent to make a profit? or it it just for fun?
2. Are you expecting income from your hobby?
3. Do you consistently make a profit from your "hobby"?
4. Have you re-structured your "hobby" to increase profitability?

There are different tax consequences if your hobby is actually a hobby or if your hobby qualifies as a business.

source: http://www.irs.gov/newsroom/article/0,,id=172833,00.html

Do you have or intend to have a home office soon? Here are some tax tips about Home Office deductions..

1. Measure the space you intend to use for your home office. Determine the percentage of this compared to the total square foot.
2. Your home office deduction is limited based on the amount of space you use to conduct business.
3. Make sure you use the space regularly and exclusvely for your business
4. Certain home office related expenses will be limited if you incurred a loss in your business for the year.
5. Different rules and deductions apply for self-employed and employees.

source: http://www.irs.gov/newsroom/article/0,,id=172239,00.html

Bank of America's Merrill Lynch is trying to rebuild after their financial advisors left with the "crowd" last year. Merrill's recruitment was heard of offering attractive signing packages.. such as 140% of past 12 months production and another 200% over the next 5yrs if the advisors reach their goals.

Hope Credit- Revised

For 2009, the Hope credit has changed substantially. Prior to 2009, the credit would apply only to the first 2 yrs of college. Now, the credit applies to all 4 yrs of college. In addition, the credit increased to $2,500 (100% of the first $2K of qualified expenses plus 25% of the next $2k of qualified expenses for a total of $2,500). Another change to this credit is that up to 40% of the credit is refundable. This means that whether or not you owe taxes, you may still qualify to receive up to $1K.