Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for
an extension. In either case, now it’s time to start thinking
about important post-filing season activities to save you tax in...
Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is
deciding the fate of the Pension Protection and Affordable Care Act
(PPACA) and its companion law, the Health Care and Education
Recon...
Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted
during an April 2012 hearing by the House Ways and Means Committee.
Lawmakers were advised by many experts to move slowly on
making ...
How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in
the trade or business and from involuntary conversions. Normally,
you have to determine whether property is a capital asset or is
ordin...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
May 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
FAQ: Are holiday turkeys given to employees taxable and deductible?
With the holidays quickly approaching, you as an employer may not
only be wondering what type of gift to give your employees this
season, but the tax consequences of the particular gift you choose.
Th...
How Do I? ... Keep a log for automobile expenses
If you use your car for business purposes, you may have learned
that keeping track and properly logging the variety of expenses you
incur for tax purposes is not always easy. Practically speaking,
how...
FAQ: Are long-term insurance premiums tax deductible?
Long-term care premiums are deductible up to certain amounts as
itemized medical expense deductions. The amount is based upon your
age. Unfortunately, most taxpayers do not have enough other medical
e...
How Do I? Compute the Kiddie Tax for 2009
Under the so-called "kiddie tax," a minor under the age of 19 (or a
student under the age of 24) who has certain unearned income
exceeding a threshold amount will have the excess taxed at his or
her p...
FAQ: Is foreign business travel deductible?
A taxpayer's expenses incurred due to travel outside of the United
States for business activities are deductible, but under a stricter
set of rules than domestic travel. Foreign travel expenses may
be...
How do I? Compute the small corporation AMT exemption?
The alternative minimum tax (AMT) is imposed on corporations in an
amount by which the tentative minimum tax exceeds the regular
income tax for the taxable year. The purpose of the AMT is to
prevent t...
Pay your taxes on-line: Options for both businesses and individuals
These days, both individuals and businesses buy goods, services,
even food on-line. Credit card payments and other bills are paid
over the internet, from the comfort of one's home or office and
withou...
FAQ: Will renting my vacation home mean big tax write-offs?
If you own a vacation home, you may be considering whether renting
the property for some of the time could come with big tax breaks.
More and more vacation homeowners are renting their property. But
w...
How Do I? Arrange employee discounts with the best tax results
Fringe benefits have not only become an important component of
employee compensation, they also have a large financial impact on
an employer's business. Fringe benefits are non-compensation
benefits p...
Reasonable" compensation: Hot button for IRS auditors
In order to be tax deductible, compensation must be a reasonable
payment for services. Smaller companies, whose employees frequently
hold significant ownership interests, are particularly vulnerable
t...
How do I? Handle non-cash incentive award reporting and withholding?
Non-cash incentive awards, such as merchandise from a local
retailer given to its employees or vacation trips offered to the
employee team member who contributes the most to a special project,
are a f...
How do I? Compute my net worth
How much am I really worth? This is a question that has run through
most of our minds at one time or another. However, if you aren't an
accounta...
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