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Guest Bloggers Are Welcome

Uncle Sam Wants to Help You with Summer Camp Costs

By: On My Own Two Feet Tax Planning Views: 5252 | Comments: 0 | Votes: 0

Ask a working parent how they feel about summer and you may be surprised. Thoughts of beaches, barbeques, and balmy days at the ballpark are often overshadowed by something much less exotic – concerns about childcare. If you have children under the age of 13, and you need childcare so that you can work, look for work, or attend school full-time, you are in luck. Shepherd Dr. More

Why It's Worth Paying for a Tax Pro

By: File Your Taxes Online Tax Planning Views: 5084 | Comments: 0 | Votes: 0

To save money last year, Anthony Fasano tried preparing his new business's first tax return on his own. Then reality sank in. "I realized I really had no understanding of the tax laws from a business standpoint," says Mr. Fasano, founder of Powerful Purpose Associates, an executive-coaching company he runs out of his home in Ridgewood, N.J. "I was just winging it." Mr. Fasano. Hall. Ms. More

What is a “Reasonable Salary Compensation?”

By: Steven Leibold, EA Tax Planning Views: 5040 | Comments: 0 | Votes: 0

Who's an Employee of the Corporation? Generally, an officer of a corporation is an employee of the corporation. Treasury regulations provide an exception for an officer of a corporation who does not perform any services or who performs only minor services and who neither receives nor is entitled to receive, directly or indirectly, any remuneration. More

Some planning could qualify you for this 0% tax rate

By: Steven Leibold, EA Tax Planning Views: 5036 | Comments: 0 | Votes: 0

This year, one of the biggest tax changes is the zero tax rate on long-term capital gains and qualified dividends for those who are normally in the 10% or 15% regular income tax brackets. Single taxpayers whose 2008 taxable income falls under $32,551 and marrieds with income under $65,101 meet the requirements. Steven C. More

The Making Work Pay Tax Credit

By: Tax Advisors Tax Planning Views: 4979 | Comments: 0 | Votes: 0

In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. These changes may result in an increase in take-home pay. More

New Mileage Rates for 2010

By: Tax Advisors Tax Planning Views: 4841 | Comments: 0 | Votes: 0

New Mileage Rates for 2010 If you drive a car, truck or van for work, you'll want to make sure you know the standard mileage rates that the Internal Revenue Service (IRS) has set for 2010. And remember, these mileage rates are not just used to calculate deductible costs for driving an automobile for business, but also for charitable, medical or moving purposes. More

What Information should your Tax Preparer Disclose.

By: Kerry Freeman EA Tax Planning Views: 4664 | Comments: 0 | Votes: 0

With many offices doing multiply services, Taxes, Insurance, Financial Products. What protection does the taxpayer have to the confidentially of his or her information. Under the Internal Revenue Code (IRC) sec 6713, If any person who is engaged in the business of preparing, or providing services in connection with the preparation of a tax return. Mr. Mr. Mr. More

New Housing Tax

By: Kenneth R. Harney Tax Planning Views: 4585 | Comments: 0 | Votes: 1

When the U.S. Supreme Court upheld the health care reform law on federal tax grounds, it restoked a housing issue that had been relatively quiet for the past year: the alleged 3.8 percent “real estate tax” on home sales beginning in 2013 that is buried in the legislation. A sample: “Did you know that if you sell your house after 2012 you will pay a 3.8 percent sales tax on it? More

Will tax breaks help businesses grow payroll?

By: Peter Suhai Tax Planning Views: 4435 | Comments: 0 | Votes: 0

Employers who hire people struggling to find work this year will reap tax benefits under a new federal law, but business groups say the law doesn’t go far enough. The Hiring Incentives to Restore Employment Act was enacted March 18. It gives a payroll tax holiday to employers who hire people unemployed for 60 days or more beginning Feb. 4, 2010 through the end of this year. More

IRS Kicks Homeowners While They Are Down

By: Kenneth R. Harney Tax Planning Views: 4366 | Comments: 0 | Votes: 0

For homeowners who are seriously delinquent on their mortgages and hoping for relief, the Internal Revenue Service has bad news: If your lender agrees to modify your loan and forgive any of your debt, you could owe federal income tax on the amount forgiven.Think of it as the tax code's "kick 'em while they're down" rule. The Mortgage Cancellation Tax Relief Act of 2007 (H.R. Robert E. More