Heated debate ahead on tax reform proposals
President Obama recently said that he wants a tax reform/deficit
reduction package by August and lawmakers have many proposals to
consider. The President has introduced a $3.77 trillion budget for
...
Using your 2012 tax-year return to plan for the future
Did you owe tax on your 2012 tax return? Did you receive a sizeable
refund? Or, conversely, did you receive a smaller refund than you
expected? If so, take another look at your tax return from this...
The new 3.8 percent net investment tax continues to challenge
Questions over the operation of the new 3.8 percent Medicare tax on
net investment income (the NII Tax) continue to be placed on the
IRS's doorstep as it tries to better explain the operation of th...
How do I? Compute the small business health insurance credit
Under the Patient Protection and Affordable Care Act (PPACA), small
employers can claim a credit for providing health insurance for
employees and their families. Health insurance includes not only
...
FAQ: What is "cost of goods sold"?
A business that manufactures products to be sold, or purchases
products for resale, must value its product inventory at the
beginning and the end of each tax year to determine the cost of
goods sol...
May 2013 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 individu...
Working with the new loss carryback tax break
The Worker, Homeownership, and Business Assistance Act of 2009
(2009 Worker Act), enacted November 6, 2009, gives all businesses
(or their owners in the case of pass-through entities) an
opportunity t...
Last-minute strategies for year-end tax savings
2009 is quickly coming to a close but there is still time to
possibly maximize your federal tax savings for the year. Many
year-end tax planning techniques can help you save money. Because
of the rece...
How Do I? Net capital gains and losses for year-end tax planning?
In order to effectively plan your investment transactions, you have
to understand how, under federal tax law, you need to net or
"offset" capital gains and losses that you experience. Netting your
cap...
Pending legislation complicates year-end tax planning
As 2009 comes to a close, it's a good time to review your year-end
tax planning strategies. Many traditional strategies are still
effective for this year but you need to keep in mind the impact of
pen...
Claiming losses on individual retirement accounts
A consequence of the economic downturn for many investors has been
significant losses on their investments in retirement accounts,
including traditional and Roth individual retirement accounts
(IRAs)....
How Do I? Deduct business-related home computer costs?
If you use your home computer for business purposes, knowing that
you can deduct some or all of its costs can help ease the pain of
the large initial and ongoing cash outlay. In today's economic
clima...
FAQ: What if I owe taxes and can't pay the full amount?
If you have completed your tax return and you owe more money that
you can afford to pay in full, do not worry, you have many options.
While it is in your best interest to pay off as much of your tax
l...
FAQ: Does filing my tax return early make sense?
Although individual income tax returns don't have to be filed until
April 15, taxpayers who file early get their refunds a lot sooner.
The IRS begins accepting returns in January but does not start
pr...
How Do I? Recharacterize a Roth conversion, and why would I want to?
If you converted your traditional IRA to a Roth IRA earlier this
year, incurred a significant amount of tax liability on the
conversion, and then watched as the value of your Roth account
plummeted am...
FAQ: Do I need to pay tax when I sell gold jewelry or collectibles?
If you are finally ready to part with those old gold coins,
baseball cards, artwork, or jewelry your grandmother gave you, and
want to sell the item, you may be wondering what the tax
consequences wil...
How Do I? Convert from a traditional IRA to a Roth IRA?
You have carefully considered the multitude of complex tax and
financial factors, run the numbers, meet the eligibility
requirements, and are ready to convert your traditional IRA to a
Roth IRA. The q...
FAQ: Should I take the standard deduction or itemize this year?
It is a common decision you may make every tax season: whether to
take the standard deduction or itemize deductions. Most taxpayers
have the choice of itemizing deductions or taking the applicable
sta...
Tax tips in a falling stock market
In a period of declining stock prices, tax benefits may not be
foremost in your mind. Nevertheless, you may be able to salvage
some benefits from the drop in values. Not only can you reduce your
taxab...
How Do I? Calculate self-employment taxes?
Individuals with $400 or more of net earnings from self-employment
must pay self-employment tax, in addition to any income tax imposed
on the same income. This article can help you estimate any
self-e...
FAQ: Are contributions to political campaigns ever tax deductible?
Contributions to political campaigns are nondeductible.
Nondeductible campaign contributions include, for example,
contributions to pay for campaign expenses as well as contributions
to pay for a cand...
FAQ: What's the difference between an HSA, FSA and HRA?
To ease the pain of the ever-escalating costs of healthcare, many
employers provide certain tax-driven health benefits and plans to
their employees. To help employers understand the differences and
si...
FAQ: Should I borrow from my 401(k)?
The flagging state of the economy has left many individuals and
families to cope with rising gas prices and food costs, struggle
with their mortgage and rent payments, and manage credit card debt
and ...
How to pay off your tax debt
Often, individuals end up with an unexpected tax liability on April
15. There are several options available to pay off your tax debt,
stop accruing penalties and interest and secure peace of mind.
Eac...
FAQ: When does a gift require a gift tax return?
If you've made, or are planning to make, a big gift before the end
of 2009, you may be wondering what your gift tax liability, if any,
may be. You may have to file a federal tax return even if you do
...
FAQ: Are website development costs for my business deductible?
Like the Internet itself, the correct deductibility of a business's
website development costs is still in its formative stages. What is
fairly clear, however, is that it is highly unlikely that any si...
How the Mortgage Forgiveness Debt Relief Act is helping homeowners
On December 18, 2007, Congress passed the Mortgage Forgiveness Debt
Relief Act of 2007 (Mortgage Debt Relief Act), providing some major
assistance to certain homeowners struggling to make their mortga...
FAQ: What kinds of moving expenses are deductible?
Only "qualified moving expenses" under the tax law are generally
deductible. Qualified moving expenses are incurred to move the
taxpayer, members of the taxpayer's household, and their personal
belong...
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...
FAQ: What are payroll taxes?
Payroll tax" is a blanket term used to address the combination of
social security, Medicare, unemployment insurance, and state and
federal income taxes withheld by an employer from an employee's
wages...
How do I ... Split my tax refund?
Instead of getting a paper check, you may want to have your refund
deposited directly into your bank account or other financial
account. Forms 1040, 1040A, and 1040EZ have a line for designating
direc...
FAQ: What is tax risk management?
'Tax risk management" is a fairly recent term first used by large
accounting firms to underscore to businesses the opportunities and
pitfalls inherent within the particular tax positions taken by a
bu...
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