January 07, 2011
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Tax Changes for Small Businesses
During 2010, new laws, such as the Affordable Care Act and the Small Business Jobs Act of 2010, created or expanded deductions and credits that small businesses and self-employed individuals should consider when completing their tax returns and making business decisions in 2011. Health Insurance Deduction Reduces Self Employment Tax With the enactment of the […]
Read more- January 06, 2011
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Don’t Miss These Tax Changes
Confused about what to do as you gather your boxes of receipts and prepare for the dreaded tax deadline in the coming months? This past year has brought several tax changes affecting small business owners, capped by President Obama’s Dec. 17, signing of the tax-cut extension law. Even as you prepare your 2010 taxes, consider […]
Read more- January 05, 2011
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IRS Kicks Off 2011 Tax Season with Deadline Extended to April 18
The Internal Revenue Service today opened the 2011 tax filing season by announcing that taxpayers have until April 18 to file their tax returns. The IRS reminded taxpayers impacted by recent tax law changes that using e-file is the best way to ensure accurate tax returns and get faster refunds. Taxpayers will have until Monday, […]
Read more- January 04, 2011
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States make gains in taxes
Tax collections are surpassing projections, the clearest sign yet that state and local government finances are on the mend as the economy improves. Sharp rises in tax collections since July, especially in the last three months, have boosted tax revenues to levels not seen since 2008, a review of tax reports shows. Including federal aid, […]
Read more- January 03, 2011
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IRS Exempts CPA-Supervised Non-Signers From New Preparer Rules
On Thursday, the IRS released guidance on the implementation of new regulations governing tax return preparers (Notice 2011-6), and provided an exception to its return preparer regulation plan for non-signing preparers supervised by a CPA, attorney, enrolled agent or other Circular 230 practitioner. The notice also provides an exception for individuals who prepare returns that […]
Read more- December 21, 2010
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Extension of the American Opportunity Credit in the 2010 Tax Relief Act
The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” includes a two-year extension of the American Opportunity tax credit for college costs. Added to the tax code in 2009 as a temporary replacement of the previous Hope tax credit, the American Opportunity credit both increased the tax relief available for […]
Read more- December 21, 2010
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Extension of expanded child tax credit in the 2010 Tax Relief Act
The recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” will make several important changes to the child tax credit, which is an up-to-$1,000 credit (i.e., dollar-for-dollar reduction in tax) for each qualifying child under the age of 17 that taxpayers with incomes below certain levels can take against their federal […]
Read more- December 21, 2010
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Payroll tax cut in the 2010 Tax Relief Act
The biggest new tax break for individuals in the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is the one-year payroll tax reduction. Under this new provision, which is intended to supplement income and boost economic growth, the payroll tax—which funds Social Security—will be cut by two percentage points during […]
Read more- December 21, 2010
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Expensing and additional first-year depreciation in the 2010 Tax Relief Act
The recently enacted 2010 Tax Relief Act includes a wide-ranging assortment of tax changes affecting both individuals and business. On the business side, two of the most significant changes provide incentives for businesses to invest in machinery and equipment by allowing for faster cost recovery of business property. Here are the details. Expansion and extension […]
Read more- December 21, 2010
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Extension of Bush tax cuts in the 2010 Tax Relief Act
The heart of the recently enacted “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” is a two-year extension of the Bush tax cuts. But what, exactly, are the Bush tax cuts? Here’s a primer: Bush tax-cut legislation. The Bush tax cuts refer primarily to tax changes in two major pieces of legislation […]
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