Diel & Forguson's Financial Leader - a Quarterly Newsletter Prairie State Tax Lien Holdings LLC and Prairie State Real Estate Holdings LLC are this issue's Client Focus. Click here to read about how these two companies work together using the Hedgehog Concept to help simplify their very complex industry. Visit Staff News by  clicking here, to read about new members of our team and some recent accomplishments by our staff. What's going on at Diel & Forguson? Click here to find out how our staff has been keeping their skills sharp in order to bring you the best possible service. We here at Diel & Forguson Financial Group 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 article(s) for you to view.

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.   Year-end Tax Planning Strategies for Individuals and Business Owners As we approach year-end, there is still time to take action to lower your 2008 tax bill and add to your tax-advantaged retirement accounts.   Are You a Business Owner or Hobbyist? Many of us would like to turn our hobby into a regular business. That's fine as long as the business turns a profit. And, it may be fine as well if the business produces a loss and you enjoy the activity; even better if the loss can offset income from your day job.