Archive for the ‘taxes’ Category
5 Ways Tax Planning Can Help the Average Joe
August 18th, 2010 | 
Author: 
Tax planning for Average Joes? You bet!
Many people don’t think they make enough to worry about tax planning, but what they don’t realize is no matter what your income level, tax planning can help you make adjustments that will significantly reduce your tax liability.
Loose Ends & Unfinished Tax Hike Business
tax hike loose ends left undone
Right now taxpayers across the Country are on pins and needles waiting to find out if their tax rates are going up or not. Unfortunately it looks like we’ll all have to wait even longer for the answer.
Master of the Universe: New Court Ruling Allows Tuition Deduction for MBA
Want to be the Master of Your Universe?
I recently wrote a series on the various tax deductions and credits available to help you better afford continuing education like the Lifetime Learning Credit, the American Opportunity Credit & Student Loan Interest Deductions. If you’ve been toying with the idea of going for your Masters, I’ve got some good news for you especially if you’re a higher earning taxpayer that is having your Lifetime Learning Credit and the Tuition Deduction phased out.
IRS Working Out the Kinks in New 1099 Reporting Requirements
new 1099 reporting requirements = massive paperjam
By now you’ve probably heard quite a bit about the new 1099 reporting requirements that were included in the Health Care Reform Bill and the concerns for the disproportionate burden it will place on independent contractors, freelancers and small business owners.
Posted in Business Finance, taxes | 
Tags: 1099, health, health care reform, new 1099 reporting requirements, small busines, tax law, taxes | 
1 Comment »
Charitable Giving Gets You Even More Than Warm Fuzzies
Source: MinnPost.com
If given the choice would you rather pay higher taxes or donate to the charity or charities of your choice? Surprisingly the US government does give tax payers that choice, up to a point. If you haven’t been taking advantage of this before, now is a good time to begin. You get to feel good about helping others AND you get a tax break!
Posted in Personal Finance, taxes |
Tags: Bill Gates, charitable giving, donations, giving, giving USA, good karma, MDA Lockup, The Giving Pledge, Warren Buffet |
4 Comments »
Small Business to be Hit Hard by New SECA Rules
IRS closing S-Corp Tax Loop Holes
As a trusted tax advisor I am in the position of researching new proposed tax laws and passing that information on to my clients. Sometimes a new bill comes along that I feel is important for my clients and readers to get a heads up on due to the major tax implications. This latest bill has quietly moved through the House and is on its way up the ladder.
Posted in Business Finance, Self Employment, taxes |
Tags: American Rcovery and Reinvestment Act of 2009, audits, capital gains, H.R. 4213, Health Care and Education Reconciliation Act, House Ways and Means Committee, IRS, Medicare, personal services income, S Corporations, SECA, self employment tax, small business, sole proprietorship, tax, tax law, tax loop hole, tax loophole, taxable income |
1 Comment »
Health Care Reform & How It Will Affect You
Obama signing the bill at the White House
Whether you love it, hate it or are ambivalent towards it, the Patient Protection and Affordable Care Act was signed into law on March 23 will be affecting your life in some way over the next four years. As a rule, bills are generally quite convoluted and hard to understand; one of this size and with such far reaching affects, is no exception.
Posted in Business Finance, Personal Finance, taxes |
Tags: donut hole, health care reform, health insurance, health insurance exchange, healthcare benefits, insurance premiums, Medicaid, medical research, medicare part d, Patient Protection and Affordable Care Act, small business tax credit, tax |
13 Comments »
Bad Debts Gone Wild: Part III, Business Debt
Business failure can leave you feeling totally de-railed
In the last part of this series, we covered the consumer side of bad debt charge-offs and how the IRS handles that from a tax perspective. Today I want to delve into the business side of bad debt charge-offs. This side of things is usually quite complex and hard to generalize but I will attempt to keep my “tax guru” side in check and you on board. Read the rest of this entry »
Posted in Business Finance, taxes |
Tags: 1099-C, accounting, business assets, canceled debts, discharged debt, net worth, ordinary business loss, recession, small business, tax, taxable income, taxes |
4 Comments »
Bad Debts Gone Wild: Part II, Consumer Debt
Earlier we discussed the tax implications of discharged debt and that the tax code, at face value, considers discharged bad debt (absent of any special exceptions) as taxable income. But of course, nothing is as simple as that in the world of Federal tax laws, so let’s delve into a few of the different ways this debt is viewed by our government.
There are two general categories for discharged debts: consumer loans (credit cards, automobile loans, mortgages) or business related loans (bonds, commercial mortgages, equipment loans). Each type is treated slightly differently when it comes to income tax recognition and/or exclusion. Today we’re going to cover the personal or consumer related loans.