Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for
an extension. In either case, now it’s time to start thinking
about important post-filing season activities to save you tax in...
Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is
deciding the fate of the Pension Protection and Affordable Care Act
(PPACA) and its companion law, the Health Care and Education
Recon...
Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted
during an April 2012 hearing by the House Ways and Means Committee.
Lawmakers were advised by many experts to move slowly on
making ...
How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in
the trade or business and from involuntary conversions. Normally,
you have to determine whether property is a capital asset or is
ordin...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
May 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
IRS offers fixes to new 100 percent bonus depreciation
Taxpayers that place new business assets other than real property
in service through 2012 may claim a "bonus" depreciation deduction.
Although the bonus depreciation deduction is generally equal to
50...
Next year's tax return starts with good recordkeeping
As the 2011 tax filing season comes to an end, now is a good time
to begin thinking about next year's returns. While it may seem
early to be preparing for 2012, taking some time now to review your
rec...
FAQ: What is a limited liability company?
A limited liability company (LLC) is a business entity created
under state law. Every state and the District of Columbia have LLC
statutes that govern the formation and operation of LLCs....
How Do I? Write Off Bad Business Debts
A business with a significant amount of receivables should evaluate
whether some of them may be written off as business bad debts. A
business taxpayer may deduct business bad debts if the receivable
b...
Estimated tax: Getting it right
Estimated tax is used to pay tax on income that is not subject to
withholding or if not enough tax is being withheld from a person's
salary, pension or other income. Income not subject to withho...
IRS issues 2011 vehicle depreciation dollar limits
The IRS has issued the limitations on depreciation deductions for
owners of passenger automobiles, trucks and vans first "placed in
service" (i.e. used) during the 2011 calendar year. The IRS al...
How Do I? Make an in-plan Roth IRA rollover?
In-plan Roth IRA rollovers are a relatively new creation, and as a
result many individuals are not aware of the rules. The Small
Business Jobs Act of 2010 made it possible for participants in
40...
FAQ: What are my chances of being audited?
Often, timing is everything or so the adage goes. From medicine to
sports and cooking, timing can make all the difference in the
outcome. What about with taxes? What are your chances of being
au...
The small employer health insurance premium credit
Under the Patient Protection and Affordable Care Act (PPACA)
enacted in March 2010, small employers may be eligible to claim a
tax credit of 35 percent of qualified health insurance premium
costs p...
FAQ: What are the rules for claiming dependents?
The tax rules surrounding the dependency exemption deduction on a
federal income tax return can be complicated, with many
requirements involving who qualifies for the deduction and who
qualifies to...
How Do I? Correct a mistake on a tax return I've already filed?
Have you already mailed (on paper or electronically) your Form 1040
for the 2010 tax year but only now noticed you made an error when
preparing the return? If you need to correct a mistake on your ...
Education tax benefits: A report card
While Congress extended the reduced individual income tax rates
with passage of the Tax Relief, Unemployment Insurance
Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act)
in late 2010,...
FAQ: Who is eligible for the small business stock exclusion?
Included among the many important individual and business
incentives extended and enhanced by the massive tax bill passed in
late December is a 100-percent exclusion of gain from the sale of
qualified...
How Do I? Compute the state and local sales tax deduction?
Taxpayers may elect to deduct state and local general sales and use
taxes in lieu of deducting state and local income taxes for 2010
and 2011. Before Congress passed the 2010 Tax Relief Act (Tax
Relie...
FAQ: What’s new in back-to-school tax savings?
It is no secret to students, working individuals going back to
school, and their families that the cost of education is becoming
continuously more expensive year after year. The Tax Code provides
a...
Brace yourself for a sea change in the tax law
A number of tax law changes are making their way through Congress,
and many more on the way. These changes will affect both individual
and business taxpayers alike. In 2010, it is expected that
Congre...
Navigating revised payroll Form 941 to maximize your HIRE credit
The IRS has revised Form 941, Employer’s Quarterly Federal
Tax Return, and its instruction to reflect the payroll forgiveness
tax credit provided by the Hiring Incentives to Restore Employment
(...
Common IRA contribution and distribution mistakes
Individual retirement accounts (IRAs) -- both traditional and Roth
IRAs -- are among the most popular retirement savings vehicles
today. Protecting the value of your IRA (and other retirement
accounts...
How Do I? Report interest from savings bonds?
U.S. Savings Bonds can be a relatively risk-free investment during
times of upheaval in the stock market, such as we are experiencing
now. There are two different types of savings bonds for tax
purpos...
FAQ: Can I deduct the costs incurred doing charitable work?
Q. I spend 20 hours every week cooking meals and delivering them to
an organization that feeds the hungry and homeless. Am I entitled
to a deduction for my time and the food I pay for out of my own
mo...
FAQ: What tax legislation is Congress expected to pass this year?
At the start of 2010, Congress had a full tax agenda. As summer
approaches, many tax bills remain unfinished, most notably an
estate tax bill. Other important tax legislation is also on
Congress's age...
IRS begins 401(k) compliance check questionnaire
401(k) plans represent the most preferred vehicle for retirement
savings today - making up more than 60 percent of retirement plans,
according to the IRS. However, 401(k) plans are also the most
non-c...
Planning for the 3.8 percent Medicare tax on investment income
The health care reform package (the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010) imposes a new 3.8 percent Medicare
contribution tax on the ...
How Do I: Claim residential energy credits?
There are two important energy tax credits that can benefit
homeowners in 2010: (1) the nonbusiness energy property credit and
(2) the residential energy efficient property credit. Collectively,
they ...
FAQ: Are individuals now required to purchase health insurance?
The answer is no for 2010, but yes, in practical terms, for 2014
and beyond. The health care reform package (the Patient Protection
and Affordable Care Act of 2010 and the Health Care and Education
Re...
IRS updates change-of-address notification procedures
If you have or are planning to move - whether it's a change of
personal residence or a change of business address - you want the
IRS to know about your change of address. The IRS has recently
updated ...
How Do I? Maximize Storm Damage Deductions?
When your personal property or home is damaged or destroyed by a
storm or other catastrophe, the IRS provides some relief ...
depending on the amount of the damage and how much income you have
in orde...
FAQ: What constitutes income from the cancellation of debt?
Debt that a borrower no longer is liable for because it is
discharged by the lender can give rise to taxable income to the
borrower. Debt forgiveness income or cancellation of debt income
("COD" incom...
Withdrawals from retirement savings: Tough rules may change
In response to the economic downturn that has affected the
retirement portfolios of millions of individuals across the
country, Congress has been considering a variety of alternatives to
offer relief ...
Pay your taxes on-line: Options for both businesses and individuals
These days, both individuals and businesses buy goods, services,
even food on-line. Credit card payments and other bills are paid
over the internet, from the comfort of one's home or office and
withou...
Reasonable" compensation: Hot button for IRS auditors
In order to be tax deductible, compensation must be a reasonable
payment for services. Smaller companies, whose employees frequently
hold significant ownership interests, are particularly vulnerable
t...
No bright line between businesses and hobbies
Businesses benefit from many tax breaks. If you are in business
with the objective of making a profit, you can generally claim all
your business deductions. If your deductions exceed your income for
t...
Owning a vacation home raises important tax questions
Owning a vacation home is a common dream that many people share...a
special place to get away from the weekday routine, relax and
maybe, after you retire, a new place to call home....
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