| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| « Mar | ||||||
| 1 | 2 | 3 | 4 | 5 | 6 | |
| 7 | 8 | 9 | 10 | 11 | 12 | 13 |
| 14 | 15 | 16 | 17 | 18 | 19 | 20 |
| 21 | 22 | 23 | 24 | 25 | 26 | 27 |
| 28 | 29 | 30 | 31 | |||
- Ask Question or Comment (3)
- General (53)
- Income Tax (80)
- International Taxation (26)
- LLC's (49)
- Newsletter Topics (14)
- Payroll Tax (21)
- Retirement Accounts (17)
- Sub S Corporations (43)
- 3. March 2012: 1099s - Should I do them?
- 22. February 2012: Sale of Business BUT What did you Sell?
- 1. February 2012: Florida State Unemployment Tax Rates 2012
- 21. January 2012: 2011 Health Insurance MUST be on W2 for >2% Sub S shareholder
- 17. January 2012: 2012 Mileage Rates
- 13. January 2012: Vacation Homes - sometimes you don't declare the rent!
- 11. January 2012: How Often Does Tax Law Change....
- 26. December 2011: 2012 Payroll Tax Cut Extended 1st Two months
- 27. November 2011: Ballgames - can you deduct?
- 15. November 2011: WHAT IS HIGH DEDUCTIBLE HEALTH PLAN
Blogroll
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- September 2010
- August 2010
- July 2010
- June 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- July 2009
- March 2009
- February 2009
Unemployment Benefits for 2011?
27. December 2010 by admin.
A temporary, 13-month extension of unemployment benefits is in effect for 2011.
Posted in Income Tax, General | 2 Comments »
Estate Tax for 2011?
27. December 2010 by admin.
A 2-year estate tax rate set at 35% with an exemption for estates valued at up to $5 million
Posted in Retirement Accounts, Income Tax, General | 1 Comment »
Capital Gain Rates for 2011?
27. December 2010 by admin.
A 2-year extension of current capital gains tax rates. (max 15%)
Posted in General | 1 Comment »
Making Work Pay Credit in 2011?
27. December 2010 by admin.
“Making Work Pay” provision is dropped in favor of the 2% FICA reduction (Social Security part) to the employee from the 2010 rate of 6.2% to 4.2% for 2011.
Posted in Payroll Tax, Sub S Corporations, LLC's, Income Tax, General | 1 Comment »
Unemployment Tax (Florida) Increase for 2011
18. November 2010 by admin.
State of Florida will be increase the minimum state unemployment tax rate. The article The current minimum rate of 0.36% will nearly triple to 1.08%. View full article: http://www.bloomberg.com/news/2010-11-17/fla-unemployment-compensation-tax-going-up-again.html
Posted in Payroll Tax, Sub S Corporations, LLC's, Income Tax | 1 Comment »
Health Insurance goes on W2 in 2011!
6. November 2010 by admin.
There is a lot of mis-information out there about Health Insurance being taxable……..
Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company. It does not matter if that’s a private concern or governmental body of some sort.
That is correct… however, it is NOT taxable… will not increase your tax one bit. It is just a display thing to “show the total compensation an employee receives” but it is not taxable…
BUT, since the reporting requirement will be in place, it could very well be taxable, or a portion of it taxable in the future… but not in 2011.
Posted in Payroll Tax, Sub S Corporations, LLC's, Income Tax | 1 Comment »
Alimony can be used as Compensation for IRA purposes.. yup!
11. September 2010 by admin.
Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes.
For a summary of what compensation does and does not include, see Publication 590 - Table 1-1 on page 4.
Posted in Retirement Accounts, Ask Question or Comment, Income Tax, General | 3 Comments »
Compensation for IRA purposes is what exactly?
11. September 2010 by admin.
To contribute to a traditional IRA, you must be under age 70 1/2 at the end of the tax year. You, and/or your spouse if you file a joint return, must have taxable compensation, such as wages, salaries, commissions, tips, bonuses, or net income from self–employment. Taxable alimony and separate maintenance payments received by an individual are treated as compensation for IRA purposes.
What Is Compensation? IRS publication 590 defines compensation for IRA……
Generally, compensation is what you earn from working. For a summary of what compensation does and does not include, see Publication 590 - Table 1-1 on page 4. Compensation includes all of the items discussed next (even if you have more than one type). Wages, salaries, etc. Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal services are compensation. The IRS treats as compensation any amount properly shown in box 1 (Wages, tips, other compensation) of Form W-2, Wage and Tax Statement, provided that amount is reduced by any amount properly shown in box 11 (Nonqualified plans). Scholarship and fellowship payments are compensation for IRA purposes only if shown in box 1 of Form W-2. Commissions. An amount you receive that is a percentage of profits or sales price is compensation.
Posted in Income Tax, General | 2 Comments »
S Corp Shareholder Sells – Short Year Accounting
24. August 2010 by admin.
Taxpayer decided to sell his stock in the company, as opposed to an asset sale. This means the buyer has the responsibility to prepare the corporate tax return. Taxpayer has agreed to do an accounting of the year up to the date of sale and present this information to the buyer. In the contract, please add the following for tax purposes:
The existing shareholders and the new shareholder(s) elect to allocate income and expenses as if the corporation’s tax year consisted of two separate tax years, the first of which ends on the date of the existing shareholders’ termination.
Attached to a timely filed return original return will be the statement “Corporation elects under Section 1377(a)(2) and Regulations Section 1.1377-1(b) to treat the tax year as if it consisted of two separate tax years. Shareholders’ entire interest was terminated by sale. The corporation and each affected shareholder consent to the corporation making the election.” Additionally, the statement “Section 1377(a)(2) Election Made” will be entered at the top of each affected shareholders Schedule K-1.
Posted in Sub S Corporations, LLC's, Income Tax | 2 Comments »
Pools & Hot Tubs Deduction
24. August 2010 by admin.
There is a great deal of mis-conception about the deductibility of Hot Tubs & Pools.
First, you must have a doctor’s prescription.
Second, how much did it really cost you? The theory is the Pool or Hot Tub has added value to the home. Let’s say the item cost $15,000. It has not added $15,000 to the value of the home. It’s like buying a new car. Drive it off the lot and its worth less than when you purchased it.
Let’s assume it has an added value to the home of $10,000. That means you lost $5,000.
You lost $5,000 BUT you must divide that by the number of people in the home. If 4 people live there, your deduction is only worth $1,250.
The deduction is included in medical expense which is limited by 7.5% of your Adjusted Gross Income.
Posted in Newsletter Topics, Income Tax, General | 5 Comments »