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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.   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.