President Obama just signed a new law that provides incentives for employers to hire and retain unemployed people. The "HIRE Act" also includes an extension of the large tax deduction qualified businesses could claim last year for buying equipment. In addition, the law makes the "Build America Bonds" program more attractive to investors. To help pay for the tax breaks, the law includes penalties on certain foreign tax compliance matters. Here is a rundown of the provisions in the new legislation.

The Alternative Minimum Tax (AMT) continues to mystify many taxpayers. Basically, the goal of the AMT is to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax. Did you know the AMT was created by Congress in 1969? Or that the exemption amounts change nearly every year? Although there have been several proposals in recent years to reform or eliminate the AMT, the political system may not readily allow for substantive changes. Click through for seven facts that you should know about the AMT and to review the changes to this special tax for 2009.

The rising unemployment rate and desire to become an entrepreneur have resulted in more home-based businesses taking root. The business may be the main source of income for the family breadwinner or a sideline to supplement another job. In either event, expenses may be offset by home-office deductions. Click through to maximize deductions on your return by reviewing the basic tax rules and examples for putting them into practice.

If you bought a new vehicle in 2009, you may be entitled to a special tax deduction for the sales and excise taxes on your purchase. Click through for eight important facts the Internal Revenue Service wants you to know about this deduction.

Year-end planning is not just for individual taxpayers. Timely strategies and smart decision-making may also reduce tax liability and overall expenses for business owners. Now is the time to manage down your costs of doing business, utilize your balance sheet as a cost-reduction tool, clean up bad debts, and take advantage of available tax incentives, credits and deductions to reduce your tax burden. It's not too late for business owners to profit from clues found within their own financial statements. Through a balance sheet analysis, identify areas where you could be saving money on a recurring and long-term basis that will strengthen your company from within for the long run. Don't forget to also consider tax-saving opportunities afforded by the law before 12/31. Click for details.

The first step to year-end tax planning is to determine where you stand. The strategies that have traditionally been implemented at year-end may need to be adjusted to conform to today's specific financial environment. If your income is down this year, don't make the mistake of overlooking planning. Year-end tax planning is as much about the 2010 year as it is about the 2009 year. With only a few weeks left until the end of the year, you may have to act quickly to benefit from certain strategic tax moves. Year-end planning may be even more essential for anyone who has had a change in circumstance during the past year (marriage or divorce, birth or death of a family member, acquisition or sale of a business, promotion or loss of a job, etc). Click for details.

South Florida home sales continue to surge as many first-time buyers take advantage of the $8,000 federal tax credit that expires on November 30. While there is some discussion in Congress about extending (and possibly even expanding) the credit, there is no guarantee that a homebuyer's credit will be available after November 30. Now may be the perfect opportunity to purchase a first home for yourself or a family member and take advantage of the credit as well as the current market rates.

The IRS is imposing harsher penalties for companies that do not meet the filing deadlines, including extensions. Corporate penalties have dramatically increased to encourage compliance. In addition, the filing extension for partnerships, estates and trusts has been shortened by one month so that the Schedule K-1 information may be available for the individuals/businesses that rely upon that data for their returns. Click through for details about the new corporate penalties for late or incomplete filings, the September 15 deadline and what constitutes "reasonable cause" when you don't file on time.