Tax Tip of the Week – The American Opportunity Tax Credit

by | Feb 19, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

One major tax change this year is the expansion of the education credit. If you or your dependents have qualifying education expenses you can save big money when you file your income taxes. If you have taken this credit in the past, you are familiar with the education...

Tax Tip of the Week – Rising unemployment taxes will soon be shocking employers.

by | Feb 4, 2010 | Current Affairs, Small Business Owners, Tax Tip of The Week

With the unemployment rate stuck at ten percent and looking more and more likely to stay there for the foreseeable future – employers are about to be shocked at how much they will have to fork over for state unemployment tax. My rate has tripled even though we have...

Tax Tip of the week – How is Making Work Pay Really Work

by | Jan 30, 2010 | Current Affairs, Income Taxes, Tax Tip of The Week

Many of our clients have asked about how the “Making Work Pay Tax Credit” is going to affect their 2009 income taxes.    This credit actually took effect in 2009. The federal tax withholding table was changed to slightly increase your paycheck every pay...

Tax Tip of the Week – Your Small Business Losses Can Be Used to Refund Prior Year’s Taxes Paid

by | Jan 22, 2010 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners, Tax Tip of The Week

The new "Worker, Homeownership and Business Assistance Act of 2009" extends and expands the tax break for net operating losses (NOLs) created by the 2009 economic stimulus law. What's more, some business owners may be able to realize a double tax...

Tax Tip of the Week – Per Diem Rates

by | Jan 15, 2010 | Accounting & Bookkeeping, Cash Flow, Current Affairs, Income Taxes, Tax Tip of The Week

Keeping detailed records of employee travel expenses is a hassle. But there's a way your business can simplify matters without any tax downside: Use the IRS-approved "per diem rates. This way, employees don't have to account for every last cup of coffee...

Tax savings tip of the week- New homebuyer credit rules

by | Jan 8, 2010 | Current Affairs, Income Taxes, Personal financial planning, Tax Tip of The Week

The "first-time homebuyer credit" isn't just for first-time homebuyers anymore. Thanks to a new tax law change, longtime homeowners may also qualify.   Under the new "Worker, Homeownership and Business Assistance Act of 2009,"  you...