President Obama released his 2009 tax returns. His biggest income item was a $5 million-plus Schedule C for his book income. For the second year in a row, Mr. Obama took the maximum SEP deduction for his retirement based on his book earnings -- a move suggested by the Tax Update and belatedly heeded by the First Taxpayer, reducing his federal tax bill by about $17,000. Just another valuable benefit of being a regular Tax Update reader, at no extra charge. And now you can follow us on Twitter or Facebook, too!
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