Tax Planning
Parents and Students: Check Out College Tax Benefits
In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of … read more
The Inner Workings (and Nightmares) of Tax Season Administration
So every January, our tax committee spends hours organizing and planning for tax season. So much thought is put into training on the updates in the tax software, making sure the processes and procedures have been tweaked and are in … read more
Business Year-end Planning Reminders
Below are some important tax provisions that may affect your business before the end of the year. The future of many tax deductions is unknown but below are the rules as currently written in law. 1) Bonus Depreciation – the 50% … read more
Individual Year-end Planning Reminders
With the close of 2012 just over the horizon, here’s some quick planning reminders about 2012/2013. 1. The 2% payroll tax break will expire at end of 2012 (unless extended with new legislation). Instead, 2013 wages and self-employment earnings over $200,000 … read more
Many Retirement Plan Dollar Limits are Changed for 2013
IRS has announced the 2013 cost-of-living adjustments (COLAs) for retirement plans. The following are not all inclusive. The following plan limits are increased effective January 1, 2013: • Defined benefit plans. The limitation on the annual benefit under a defined benefit … read more
Does the United States Only Consist of the District of Columbia, Federal Territories, and Federal Enclaves?
Here’s a frivolous tax argument that some individuals and groups make that seems to go a bit contrary to what I think most people would otherwise contend. That the United States consists only of the District of Columbia, federal territories … read more
Learn to Prepare Tax Returns and Make a Difference
Have you been looking for an opportunity to make a difference in your community, using your brain and people skills? If so, why not become a tax volunteer with the Volunteer Income Tax Assistance (VITA) or Tax Counseling for the … read more
Recordkeeping
Why should I keep records? Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns. … read more
Tax Planning Challenges in the Current Year
We in the tax compliance and tax planning business may not always agree with the IRS and may even have disagreements about applicability of certain code and regulations. However, we do agree with many of these items. It is very … read more
Prepare for Disasters by Safeguarding Tax Records
I cannot imagine the trauma of losing all or even most of your possessions in a disaster. Home is where we are to feel safe and secure and disasters can just rip that right out of you. The IRS has … read more