September 30, 2010
Andrew Presti- Author's Bio
Blog Posts
0 Comments
IRS to stop mailing income tax forms
The Internal Revenue Service plans to stop mailing instructions and paper forms for annual income tax returns, saving the agency about $10 million a year as more Americans are filing online. About 11.5 million people who filed paper tax returns in 2009 received the tax information in the mail, IRS said. The agency normally sends […]
Read more- September 29, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
ObamaCare’s Tax Credit System Will Make April 15 Even Harder
Due to ObamaCare, millions of Americans may need to spend even more time on the income tax returns that they file in 2015 and beyond — and many will discover they owe the tax man more than before. Beginning in 2014, individuals and families earning 100% to 400% of the federal poverty level are eligible […]
Read more- September 28, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
Income Tax Accounting for Trusts and Estates
Planning allocations between entities and beneficiaries is even more critical with higher tax rates on the horizon. Estates and nongrantor trusts must file income tax returns just as individuals do, but with some important differences. For one, their income is taxed at either the entity or beneficiary level depending on whether it is allocated to […]
Read more- September 27, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
Small Business Stimulus Passes Congress
The House on Thursday passed the Small Business Jobs Act of 2010 (HR 5297) by a vote of 237–187, and sent it to the President, who is expected to sign the bill into law. The bill, which passed the Senate last week, expands loan programs through the Small Business Administration (SBA), strengthens small business preference […]
Read more- September 23, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
Home loan demand ebbs
U.S. demand for home loans fell for a third straight week last week while prices for single-family homes retreated further in July as the housing market struggles for balance with less government support. Loan applications to buy homes fell 3.3 percent, the Mortgage Bankers Association said on Wednesday. A second report showed the Federal Housing […]
Read more- September 23, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
Changes to the Sales Tax Exemption for Clothing and Footwear
Chapter 57 of the Laws of 2010 recently amended the sales and use tax law to enact changes to the state’s exemption for clothing, footwear, and items used to make or repair clothing (clothing and footwear) sold for less than $110 per item or pair. These law changes also allow counties and cities that impose […]
Read more- September 22, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
Expiring Bush tax cuts
Tax cuts enacted in 2001 and 2003 are to expire in January unless Congress renews them. The highlights: • Income tax rates were reduced, to a bottom rate of 10 percent and a top rate of 35 percent. If the cuts expire, the bottom rate would increase to 15 percent, the top rate would rise […]
Read more- September 21, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
6 Figures to Financial Success
The Greek philosopher Pythagoras is reported to have said, “Numbers rule the universe.” Not a surprising observation for a man who was also a mathematician. But even ordinary people are often ruled by numbers on an almost daily basis, whether figuring sales tax, measuring a rug for the living room or baking a cake. We […]
Read more- September 20, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
Senate Passes Small Business Tax Relief
The Senate on Thursday passed the Creating Small Business Jobs Act of 2010 (part of the Small Business Jobs and Credit Act, HR 5297) by a vote of 61–38, and sent it back to the House of Representatives. The bill as passed by the Senate differs from the version the House passed in June, with […]
Read more- September 10, 2010
- Andrew Presti
- Author's Bio
- Blog Posts
- 0 Comments
Obama to Seek 100 Percent Expensing, Permanent R&D Credit
President Obama is preparing a pre-election push to make the research and development tax credit permanent and create a massive, temporary tax incentive to encourage businesses to invest in new equipment, the White House confirmed Sept. 7. White House Press Secretary Robert Gibbs said the president will announce a plan to offer businesses the chance […]
Read more