by | Feb 5, 2013 | Client Question of the Week, Income Taxes
The education credit or deduction is for tuition paid for on behalf of the taxpayer, their spouse, or their dependents. So if a parent claims the child as a dependent, only the parent may claim the credit or deduction. Check out my blog article titled...
by | Jan 26, 2013 | Client Question of the Week, Cost Cutting, Current Affairs, Income Taxes
There are three basic tests that you must pass in order to claim someone as a dependent on your tax return. First, you cannot claim anyone as a dependent if they can be claimed as a dependent by another person. If the dependent is married, they cannot file a...
by | Jan 17, 2013 | Client Question of the Week, Current Affairs, Income Taxes, Tax Tip of The Week
The short answer is no. The IRS treats a regular loan from an IRA as a “prohibited transaction”. This means that if you “borrow” funds, the amount you receive will be taxable income at ordinary income rates and subject to a 10 percent penalty if you are...
by | Nov 5, 2012 | Client Question of the Week, Small Business Owners
You should keep all supporting documents for your payroll for at least four years after the due date your employees have to file their income tax returns. To be safe, I usually recommend that you keep at least the last five years of payroll tax records. The...
by | Aug 31, 2012 | Client Question of the Week, Current Affairs
I have received many questions about the changes we have made. Before I answer, let me give you a warning—we aren’t done yet. We will be launching the following coaching programs in the next three months: Monthly Business Profit Planning & Implementation...
by | Jun 2, 2012 | Client Question of the Week
Nothing gets your blood pressure up like getting an IRS collection letter demanding money! So what should you do if you receive one? Well first – Don’t panic! The good news is that in my experience at least half of them are wrong. Many times the IRS computer is...
