Entries Tagged ‘deduction’:
filed in Deductions on Jul.06, 2010
Some retirement communities that offer continuing care charge a material entrance fee in exchange for the facility’s promise to provide lifetime living accommodations and care including medical care. The fee is usually structured as either a lump-sum payment or paid on a monthly basis. The retirement community can usually provide you with an estimate of [...]
Tags: Arizona tax, care facility, Casa Grande Tax, deduction, dependents, entrance fee, expenses, federal tax, gross taxable income, insurance, IRS, lifetime care, lifetime living accomodations, local tax, material entrance fee, medical care, operating expenses, Refund, retirement community, Scottsdale Tax, spouse, state tax, tax deductions, taxpayer, Tempe Tax
filed in tax returns on Jul.01, 2010
My kids were always skilled at matching games…you know, those games where there are grids of cards with cartoon characters turned upside down and you need to match up the two hidden pictures of the same character. Well, the IRS and Treasury have a game that works somewhat the same way. Payors to service providers [...]
Tags: 1099, 2012 tax year, Arizona tax, Casa Grande Tax, CPAs, deduction, employees, exempt, federal tax, Form W-9, goods and services, health care legislation, IRS, local tax, payors, reporting, Scottsdale Tax, service providers, small proprietor, state tax, tax gap, tax return, taxpayers, Tempe Tax, Treasury, underreporting, unreported income, W-2s
filed in Tax Tips on Apr.01, 2010
When the Department of Labor (DOL) has jurisdictional authority over a 401(k) plan, salary deferrals should be separated from the employer’s assets and deposited in trust as soon as administratively feasible. For plans with fewer than 100 participants, the DOL has proposed a safe harbor deposit deadline of seven days from the date of deferral. [...]
Tags: 401(k), 401(k) deferrals, 401(k) plan, Arizona tax, Casa Grande Tax, contributions, covered employees, deduction, Department of Labor, DOL, employer's assets, federal tax, income tax return, jurisdictional authority, local tax, safe harbor deposit deadline, salary deferrals, Scottsdale Tax, small business owners, state tax, tax return, Tempe Tax, transaction rules
filed in Deductions on Mar.03, 2010
For years starting in 2010, the domestic production activity deduction (DPAD) increases to 9% from its current level of 6%. Also, the deduction is being scrutinized more closely by the IRS Large & Mid-Size Business Division. These facts give companies extra incentive to be aware of what activities qualify for the deduction and to keep [...]
Tags: allocation, Arizona tax, audit, business tax return, Casa Grande Tax, civil engineering, construction, deduction, domestic production activity deduction, domestic production gross receipts, DPAD, DPGR, farming, federal tax, film production, Internal Revenue Code, IRS, IRS Large & Mid-Size Business Division, local tax, manufacturing, mineral extraction, music production, production, QPAI, qualified production activities income, Scottsdale Tax, Section 199, Section 861, Self-employment tax, Simplified deduction method, small business simplified overall method, state tax, tax return, taxable income, Tempe Tax, W-2
filed in Tax Tips on Dec.22, 2009
Repair or improvement? Current deduction or depreciation deduction over the useful life?
Contrary to popular belief, you cannot determine if an asset can be expensed as a repair solely if the amount is less than $500. The $500 amount is as close to folk lore as the tax rules can get. However, unlike many urban legends, [...]
Tags: Arizona tax, asset, Casa Grande Tax, current deduction, deduction, depreciation deduction, enhances the value of the asset, expensed as a repair, expensing limit policy, federal tax, gross revenue, improvement, IRS, IRS Guidelines, local tax, prolongs the life of the asset, repair, repair or improvement, Scottsdale Tax, state tax, tax return, Tempe Tax, useful life
filed in International Taxation on Dec.10, 2009
Are you a U.S. citizen or resident alien who works outside of the U.S.? If so, you may be able to exclude some or all of your income earned in foreign countries. Moreover, you may be able to exclude or deduct foreign housing costs.
Generally, if you are a U.S. Citizen or resident alien and live [...]
Tags: Arizona tax, Casa Grande Tax, deduction, excluding foreign income, federal tax, foreign earned income, foreign earned income exclusion, foreign housing costs, foreign housing exclusion, foreign housing expenses, income earned in foreign countries, International Taxation, IRS, IRS approved high-cost locality, local tax, residency, Scottsdale Tax, state tax, Tempe Tax, worldwide income