Posts Tagged ‘tax’
Small Business to be Hit Hard by New SECA Rules
June 16th, 2010 | 
Author: 
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 »
Federal Tax Incentives for Continuing Education (Part 4 of 4): Student Loan Interest Deduction
More Americans are headed back to school, Federal tax deductions help with the expense
So far we’ve discussed the American Opportunity Tax Credit (modified Hope Credit), the Lifetime Learning Credit and even Tuition & Fee Deductions. Today though, we’re going to cover the last in our 4 part series on education tax incentives—Student Loan Interest Deduction. The great thing about this deduction is that you can take this deduction even if you qualify for the other tax credits or deductions! Read the rest of this entry »
Posted in Personal Finance, taxes |
Tags: accounting, American Opportunity Tax Credit, American Rcovery and Reinvestment Act of 2009, higher education, Hope Credit, Hope Tax Credit, lifetime learning credit, student loan, student loan interest deduction, tax, tax credit, taxes, Tuition and Fees Deduction allowance |
1 Comment »
Federal Tax Incentives for Continuing Education (Part 3 of 4): Tuition and Fees Deduction
Post-secondary education costs are on the rise but Federal tax incentives attempt to provide some respite
While we’ve been talking about the Lifetime Learning Credit and the American Opportunity Credit (Hope Credit, modified for 2009-10), I would be remiss to leave out other options for taxpayers who may not qualify for either credit. If you don’t qualify for anything else, you may not be left completely on your own; you may still be able to claim a small deduction for some education expenses. Read the rest of this entry »
Posted in Personal Finance, taxes |
Tags: American Opportunity Tax Credit, American Rcovery and Reinvestment Act of 2009, education tax benefit, higher education, Hope Credit, Hope Tax Credit, lifetime learning credit, modified adjusted gross incom, Student Loan Interest Deductions, tax, tax credit, taxes |
18 Comments »
Federal Tax Incentives for Continuing Education (Part 2 of 4): Lifetime Learning Credit
Federal Tax Credits Help Working Adults Return to the Classroom
Last week we discussed the benefits of the American Opportunity Tax Credit (or modified Hope Credit, this week we are going to take a look at the Lifetime Learning Credit.
Making Work Pay Tax Credit
Yes, we are back, rested and ready to hit the road running after a little break over the Holiday season! To start off the new 2010 tax year, I wanted to cover a topic that will affect most taxpayers in a positive way , the Making Work Pay Tax Credit.
Posted in Personal Finance, taxes |
Tags: accounting, American Rcovery and Reinvestment Act of 2009, earned income, earned income credit, find a good accountant, Fredrick James, independent contractor, IRS form 2210, Making Work Pay Tax Credit, Schedule M, tax, tax credit, taxable income, taxes |
14 Comments »
Tax Problems & Offers in Compromise: As Seen On TV
Uncle Sam isn't one to take "no" for an answer
Unemployment Benefits: No Free Bailout For You
It’s been a tough year for Americans, and the numbers are looking pretty grim as we go into the Holiday Season. Florida’s overall unemployment rates are hovering just over 11% and nationwide they’re around 9.6%. According to The Wall Street Journal, the average length of official unemployment increased to 24.5 weeks, and the numbers of long-term unemployed has jumped to an all-time high of 4.4million. Everyone feeling jolly yet?
Well, there is one small ray of sunshine: Last week President Obama signed the unemployment extension legislation which provides for 14 weeks of extended benefit coverage for every state and an additional 6 weeks, for a total of 20 weeks, in high unemployment states where unemployment is over 8.5%. Read the rest of this entry »
New to Self-Employment Business Orientation: How to Avoid Tax Problems & Pave the Way to Success
Today people have more choices than ever before when it comes to making a living. Even those who keep their regular full time positions as employees are taking on side work as independent contractors and some are choosing to make the leap to full time self employment or starting their own small business.
Make sure you have your “parachute” packed when making the leap from employee to sole proprietor!