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...
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? . . . Deduct student loan interest
There are tax benefits for which you may be eligible if you are
paying education expenses for yourself or an immediate member of
your family. In the rush to claim one of two education tax credits
or t...
Education tax breaks can ease the financial pain of back-to-school
It's back-to-school time and many families are looking for ways to
stretch their education dollars. To help, there are some generous
tax breaks. Deductions and credits are available and while they
won...
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