Archive for Taxes

Tax Breaks for Charity Volunteers

If you volunteer your time for a charity, you may qualify for some tax breaks.  Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services.  The normal deduction limits and substantiation rules also apply.  The following are some […]

A Little Help for Your Friends

In these troubling financial times, many individuals are struggling to do their own taxes.  Some need guidance with their tax and financial issues, while others would like to take advantage of the vast number of new tax benefits available in 2010 and subsequent years. They probably do not know where to turn for professional help.  […]

Deduction Tips for Contributors to Haiti Relief Effort

Haiti Contributions Deductible on 2009 Return – Congress has passed a bill (HR 4462) to permit taxpayers contributing to Haitian relief charities to elect to treat contributions made after Jan. 11, 2010, and before Mar. 1, 2010, as if the contributions had been made on Dec. 31, 2009. If the election is made, Haiti relief […]

It’s Tax Time! Are you Ready?

If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it comes to the extra tax you save! When you arrive at your appointment fully prepared, […]

Should You Tap Into Your 401(k) Plan?

The 401(k) plan is for your retirement, so you need to consider a withdrawal’s impact on your future retirement.  Also, since withdrawals are taxable, you probably won’t be able to keep the entire amount that is withdrawn.  If you are under 59-½ years of age, the withdrawal will also be subject to a 10% penalty […]

IRS Alerts Public to New Identity Theft Scams

WASHINGTON — The Internal Revenue Service reminds consumers to avoid identity theft scams that use the IRS name, logo or Web site in an attempt to convince taxpayers that the scam is a genuine communication from the IRS. Scammers may use other federal agency names, such as the U.S. Department of the Treasury. In an […]

Celebrity Tax Troubles

It seems the IRS has no intention of letting celebrities off the hook from their tax obligations either. Take a look at this list from WebCPA that has compiled some of the most noteworthy celebrities, politicians, and sport athletes in tax trouble. http://www.webcpa.com/channels/celebrity_tax.html

Alert: Annual Minutes Disclosure Solicitation

“Ohio Corporate Compliance,” has mailed solicitations titled “Annual Minutes Disclosure Statement” to corporations in Ohio. These solicitations offer to process corporate meeting minutes on behalf of the corporation for a fee of $150.00. Despite the implications contained in the solicitations, Ohio corporations are not required by law to file corporate minutes with the Ohio Secretary […]

New Federal COBRA Subsidy – Employer Actions Required

The American Recovery & Reinvestment Act of 2009 (ARRA) includes a federally-funded COBRA continuation subsidy of 65%, which lasts up to nine months for workers (and their families) involuntarily terminated between September 1, 2008 and December 31, 2009.  The effect of this law is that the employer must pay the 65% subsidy and then recover […]

Business Provisions – 2009 Economic Stimulus Act

On February 17, President Obama signed into law the “American Recovery and Reinvestment Act of 2009” (the 2009 Economic Stimulus Act).  This new legislation was passed to aid our ailing economy and includes a wide variety of tax provisions, many of which will affect small businesses.  Included below are highlights of the more prominent provisions.  […]