Tax Deadlines…A Few Reminders

Tis the season of taxes and deadlines.  Since this week’s blog post marks the end of the 2010 Tax Season, I wanted to go over the deadlines and give a few helpful reminders for the folks that are still rounding up their tax documents and scrambling to get their taxes [Read More]

Tax cuts to soothe the angry mob: quick fix or good planning?

In December we went through a brief overview of the Tax Relief, Unemployment Insurance Re-Authorization and Job Creation Act of 2010. Now that the dust has settled and the bill is in place, we are going to spend a few weeks dissecting it in more detail. Today we are going [Read More]

Ignorance Is Not Bliss: What Tax Records Businesses Need to Keep

Last week we went over the individual tax payer’s record keeping requirements, this week I want to discuss what business owners should be holding onto and for how long. Obviously businesses have a more extensive list of record keeping requirements than individual do [Read More]

5 Ways Tax Planning Can Help the Average Joe

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. [Read More]

Small Business to be Hit Hard by New SECA Rules

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To avoid paying the 15.3% tax, S Corporations have for years taken advantage of paying cash to shareholders as distributions instead of wages—not exactly what the IRS had in mind. Don’t forget that S Corps also avoid corporate level income taxation too because that [Read More]

Bad Debts Gone Wild: Part III, Business Debt

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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 [Read More]

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 [Read More]

1099-C & 1099-A: Bad Debts Gone Wild – Part I

The bleak economic environment over the past couple of years has resulted in a wave of credit defaults & foreclosures striking many individuals and small companies. In addition to dealing with stress and damaged credit scores, there is something even more sinister lurking [Read More]

Federal Tax Incentives for Continuing Education (Part 1 of 4): American Opportunity Tax Credit

For many American’s, the ideal of living in the “Land of Opportunity” seems to be quickly fading into nothing more than a distant memory. It’s unfortunate that the turn of our economy has dimmed the hopes of so many, but there is still opportunity to be had. It is [Read More]

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”. This tax credit [Read More]