by | Feb 8, 2013 | Current Affairs, Income Taxes
If you contribute to an IRA, 401(k) or benefits the following are the new limits for the tax year 2012.
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 | Feb 4, 2013 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Small Business Owners
The SBA estimates that there are 14 million home-based businesses, but only 3.4 million of these home-based businesses claimed the home office deduction in 2010. Keith Hall, the national tax advisor for the National Association for the Self-Employed, said that...
by | Jan 28, 2013 | Business Success Series, Cost Cutting, Current Affairs, Income Taxes, Small Business Owners
The American Taxpayer Relief Act that finally passed this month had two major changes that resulted in big tax savings for small businesses that invest in equipment. IRS Code Section 179 write-offs: Your small business can take a first-year deduction of up to $500,000...
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...
