Archive for Taxes

Is the Income Taxable or Non-Taxable?

March 8th, 2011

A question that comes up frequently is whether income you received is taxable or not. Generally, most income you will receive is considered taxable, but there are situations when certain types of income are partially taxed or not taxed at all. To help taxpayers understand the differences between taxable and non-taxable income, the Internal Revenue […]

Millions of Self Prepared Tax Returns Filed Wrong

February 24th, 2011

Millions of Americans file their own tax returns and pay the wrong amount each year.  Tax software and the leading tax preparation franchises will help you fill out the forms; but they are tools, NOT a solution. Did you know that some of the leading tax preparation franchises only require their preparers to have 84 […]

Small Business Expenses 101

February 14th, 2011

For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Large tax deductions are a notorious red flag […]

Child and Dependent Care Credit

February 7th, 2011

If you paid someone to care for a child under age 13, or a qualifying spouse or dependent to allow you to work or look for work, you may be able to reduce your tax by claiming the Child and Dependent Care Credit on your federal income tax return.  To qualify, your spouse, children over […]

Important Facts about Dependents and Exemptions

January 27th, 2011

Some tax rules affect every person who may have to file a federal income tax return; these rules include dependents and exemptions. Here are some important facts you need to know that are related to dependents and to claiming exemptions on your tax return. Exemptions reduce your taxable income – There are two types of […]

It’s Tax Time!

January 21st, 2011

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, […]

Congress Extends Tax Breaks

January 15th, 2011

Congress, in an eleventh-hour compromise agreement worked out with the Obama Administration and the GOP Leadership, has extended many of the Bush era tax reductions.  The following is an overview of the more frequently encountered tax changes that will have an effect on just about every taxpayer. INDIVIDUAL PROVISIONS Individual Tax Rates – Under the […]

Is The Tax Stalemate Finally Broken?

December 10th, 2010

In a news conference held December 7, and carried live by most major networks, President Obama discussed the tax agreement he had worked out with the GOP’s Congressional leaders the previous day. Although there is some discontent with the agreement among some liberal Democrats, it is expected to pass Congress before year-end. Keep in mind that this agreement – which primarily addresses tax cuts enacted in 2001 and 2003 (the “Bush era”) that have or will soon expire – has not yet become law and must first pass both houses of Congress, and there could be some modification to the original agreement.

Last Chance to Qualify for the 2011 Retention Credit

November 27th, 2010

There are two tax incentives to induce businesses to hire, during 2010, individuals who have been unemployed for at least 60 days.  The first incentive exempts the employer from the matching 6.2% Social Security payroll tax on a qualifying employee’s wages for the remainder of 2010. The second incentive is a Retention Credit, available on […]

New Roth IRA Opportunities

November 23rd, 2010

2010 is the first year in which taxpayers—including married taxpayers filing separately—are able to convert funds in regular IRAs (including SEP and Simple IRAs) to Roth IRAs, regardless of income level.  This can provide a significant opportunity for certain taxpayers. There are several advantages to a Roth IRA – All future earnings and distributions at […]

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January 25, 2010
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October 17, 2008
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