Homebuyer Credit. The first-time homebuyer’s tax credit of up to $8,000 has been extended, so eligible taxpayers can now claim the credit as long as they purchase a home or are in contract by April 30 (they have until June 30 to close). For those looking to move up or downsize, existing homeowners may qualify [...]
Entries from December 27th, 2009
Buy That Car before year end!
December 27th, 2009 · No Comments · Tax Retuns
Buy That Car. If you are planning on buying a new car, truck or motorcycle, you may qualify for a federal tax break if you purchase it before Dec. 31. The break allows eligible taxpayers to deduct state and local sales and excise taxes paid on up to $49,500 of the purchase price. But the [...]
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Spending the next several weeks worrying about your shortfalls in 2009 isn’t going to put more in the bank for 2010.
December 24th, 2009 · No Comments · Good Stuff
Partner Up. Everyone had the same rough 2009 as you had. This means that everyone is open for partnerships that might not have made sense the year before. Can you forge some new relationships now, while times are still tough, that will benefit you going forward? Maybe there are others out there struggling to grow [...]
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The IRS hates employers that pay their employees as independent contractors.
December 24th, 2009 · No Comments · Payroll information
Here is an interesting article that I found in American Express Small Business report. If you have any questions about payroll, give me a call. Or I can recommend a good payroll company Mosaic Employer Solutions who does not charge an arm and a leg like ADP or Paychex.
Depending on what end of the pay [...]
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Tax return preparers must e-file for 2010 tax returns
December 23rd, 2009 · No Comments · Tax Retuns
Tax return preparers will have to pay attention to an amendment added in the Senate version of the Worker, Homeownership, and Business Assistance Act of 2009, which extended the First Time Homeowner Credit and unemployment benefits, because beginning in 2010, this amendment will require tax return preparers to file any individual tax return electronically unless [...]
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IRS Audits few people earning less than $200,000
December 23rd, 2009 · No Comments · Tax Retuns
Per the The Wall Street Journal / The Associated Press article published 12/22, Tax returns showing earnings of under $200,000 have just a 1% chance of being audited, according to IRS enforcement numbers released Tuesday. The chance of an audit increases to about 3% for earnings of $200,000 and over, and 6% for returns showing [...]
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New 990 Filing Rules for Non-Profits
December 21st, 2009 · No Comments · Tax Retuns
The changes to IRS Form 990, Return of Organization Exempt from Income Tax, beginning with tax year 2008, are the most significant in the last 30 years. Driven by Congressional concerns over nonprofits being used as illegal tax shelters and as fund-raising vehicles for terrorist groups — as well as the Pension Protection Act of [...]
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Housing crash leads to decline in divorces
December 20th, 2009 · No Comments · Good Stuff
The divorce rate in the U.S. fell 4% last year, according to a report released last week by the National Marriage Project. The news might cheer family advocates, but the lousy housing market is probably the cause, as couples with depreciated home values wait to split until the market rebounds.
Right now, home values are down [...]
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2010 Mileage Rates
December 13th, 2009 · No Comments · Good Stuff
WASHINGTON — The Internal Revenue Service today issued the 2010 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
50 cents per [...]
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Cash Charitable Donations
December 13th, 2009 · No Comments · Tax Retuns, deductions
To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit [...]
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