by | Feb 18, 2012 | Income Taxes, Small Business Owners, Tax Tip of The Week
The tax court ruled that retirement payments made by self-employed business owners for themselves cannot be claimed as a deduction on Schedule C in order to reduce self employment tax (the business owners’ Social Security and Medicare). It is deducted from adjusted...
by | Feb 11, 2012 | Accounting & Bookkeeping, Current Affairs, Income Taxes, Tax Tip of The Week
Two new questions on tax returns for businesses are giving tax preparers fits and exposing taxpayers to potentially large penalties. The IRS wants to know if self-employed, farmers, landlords, partnerships, regular corporations, and S corps made payments that must be...
by | Jan 16, 2012 | Current Affairs, Income Taxes, Tax Tip of The Week
The IRS has informally indicated that iPads and other tablets will be treated like cell phones when employers provide them to employees. Thus, employees won’t be taxed on the value of personal use, as long as the devices are provided primarily for business reasons...
by | Jan 7, 2012 | Current Affairs, Income Taxes, Tax Tip of The Week
The IRS issued News Release 2001-103 (10/20/11) that announced the following qualified retirement plan limits for 2012: ...
by | Dec 31, 2011 | Cost Cutting, Current Affairs, Income Taxes
Congress has passed new legislation providing an expanded tax credit to employers that hire unemployed veterans. The maximum credit is $5,600 for hiring veterans who have been out of work at least six months, and $9,600 for hiring unemployed vets with disabilities....
by | Nov 30, 2011 | Cost Cutting, Income Taxes, Tax Tip of The Week
Taxpayers 70 ½ and up must take their payouts from IRAs and company plans by year-end. Start with your December 31, 2010 IRA balances and divide each of them by a factor for your age (The age factors are printed in IRS Publication 590 which you can find at...
