Richard Rogers, EA| May 20, 2010
H.R. 3590, the Patient Protection and Affordable Care Act as well as H.R. 4872, the Health Care and Education Tax Credits Reconciliation Act of 2010 were signed into law in March of this year. While these new laws focus on provisions to expand health coverage, control health costs, and improve the health care delivery system they will also have significant impact of on tax liabilities for both individuals (mostly high income earners) and businesses (mostly businesses with more than 50 employees). Below is a summary of the changes that have a potential impact on individuals and business:
Category:Credits, For Businesses, For Individuals| No Comments »
Tags: Credits, Health, IRS, Tax
Richard Rogers, EA| December 9, 2009
The IRS has announced the new optional standard mileage rates which are used to calculate the deducible cost of operating a vehicle for business, charitable, or for moving purposes.
Category:For Businesses, Mileage| 2 Comments »
Tags: IRS, Mileage, Tax
Richard Rogers, EA| November 9, 2009
President Obama signed into law on November 6th the Worker, Homeownership and Business Assistance Act of 2009.
The major thrust of the new bill was to extend Unemployment Compensation by up to an additional 14 weeks for jobless workers but the new law also includes tax provisions for businesses and individuals, including new Net Operating Loss (NOL) provisions, increased penalties for S-Corporations and Partnerships for late filing of tax returns, the extension of the FUTA tax surcharge, plus a number of other changes. The law also extends the first-time homebuyer tax credit and makes modifications to allow existing homeowners to take advantage of the credit for the first time under certain circumstances
Category:Credits, For Businesses, For Individuals, NOL, NOL| No Comments »
Tags: Credits, Homebuying, IRS, NOL, Penalty, Tax
Richard Rogers, EA| September 29, 2009
When starting a business one of the most important decisions facing you is what type of business structure to choose for your company. The decision can have many implications including how much you pay in taxes, the degree of personal liability you are exposed to, the ability to borrow money and raise capital, and the amount of paperwork required. The formation of your business is controlled by the state in which your business is organized and some business formation laws vary from state to state, so it is important to check with the state your business will be organized under for their specific laws and regulations. Also, the state will tax these structures differently, so make sure you check out the tax laws in the state(s) you plan to operate in.
Category:Business Structure, For Businesses| 2 Comments »
Tags: Business Structure, IRS, Tax
Richard Rogers, EA| September 21, 2009
There are many options available in which to pay the IRS your tax debt, whether you are paying in full or not. Below is a list of those options as well as some information about when that particular option may apply.
Category:For Individuals, Payment| 5 Comments »
Tags: IRS, Payment, Tax
Richard Rogers, EA| September 14, 2009
As the October 15th tax deadline for filing your individual tax return approaches I just wanted to remind you of some of the special incentives that may be available to you this year. These incentives are part of the American Recovery and Reinvestment Act of 2009 and were legislated to promote the economic recovery. It is still not too late to take advantage of these credits, so if you were thinking about the possibilities of any of the items below, now may be the time to do it.
Category:Credits, For Individuals| 2 Comments »
Tags: Credits, Homebuying, IRS, Tax
Richard Rogers, EA| September 11, 2009
In the past the cost of computers and Internet access was not an allowable expense for distribution from a qualified tuition program, commonly referred to as a 529 plan. But with the enactment of The American Recovery and Reinvestment Act of 2009 that has changed, at least for the 2009 and 2010 tax year.
Category:For Individuals, Tuition Deductions| No Comments »
Tags: IRS, Tax, Tuition
Richard Rogers, EA| September 1, 2009
Small Business have until September 15, 2009 (and eligible individuals until October 15 ,2009) to file their tax return to take advantage of the special NOL provision that was enacted with the American Recovery and reinvestment Act (ARRA). If the eligible taxpayer has deductions (including theft losses) in excess of income this provision expands the [...]
Category:For Businesses, For Individuals, NOL, NOL| 2 Comments »
Tags: IRS, NOL, Tax
