Thursday August
- 2010
- 26
Tax Tips for Business Start-Ups
by Lee Reams in Small Business
If you are planning to open a new business, there are a number of tax and accounting issues you need to be aware of. The following are some of the more commonly encountered issues a new business owner needs to cope with. Read More
Thursday August
- 2010
- 19
Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year. Read More
Tuesday August
- 2010
- 17
Small Business Expenses 101
by Lee Reams in Small Business
For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to). Read More
Thursday August
- 2010
- 12
Maximizing Medical Deductions Before 2013
by Lee Reams in 1040 & Personal Finance
Medical expenses are deductible if you itemize your deductions. However, there is a limit on how much of those medical expenses you can deduct based upon your income for the year. Currently, only medical costs that exceed 7.5% (10% if you are subject to the alternative minimum tax of your adjusted gross income (AGI) can be deducted. Read More
Tuesday August
- 2010
- 10
Do You Qualify for an Offer in Compromise?
by Lee Reams in 1040 & Personal Finance
The objective of the IRS’ Offer in Compromise (OIC) program is to accept an offer for less than the amount of tax that’s owed when it is in the best interest of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements. Read More
Thursday August
- 2010
- 5
Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving it, and then selling it (presumably for a profit) in a short period of time. The key is to find a suitable fixer-upper that is priced under market for its location, fix it up, and resell it for more than it cost to buy, hold, fix up and resell it. Read More
Tuesday August
- 2010
- 3
Nine Tips on the 10 Percent Tax on Tanning Services
by Lee Reams in Small Business
Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010. Read More
Thursday July
- 2010
- 29
The Departments of Labor, Treasury and Health and Human Services recently issued regulations to implement a new Patient's Bill of Rights as part of the Health Care Reform Act. Read More
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