Monthly Archives: November 2010

Deduct Medical Premiums for SE Tax

Individuals who are self-employed may deduct their health insurance premiums in the calculation of self employment income on 2010 tax returns. Self-employment income is taxed at 15.3% so this will be a major benefit to self-employed individuals. -EAE

Posted in 1040 Schedule SE, Independent Contractor, Self Employment Tax, Taxes | Tagged , , , , , , | Leave a comment

Idea of the Week #4

Substantiation of certain business expenses is a requirement in order to have proof if ever requested by the IRS. Many independent contractors lose valuable expenses (travel for example) because they do not have the proper documentation to support the expense … Continue reading

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Idea of the Week #5

Please be aware of emails from EFTPS! There have been many emails sent out appearing to be from EFTPS.gov regarding online tax payments. In reality these emails contain viruses that can harm you computer and compromise sensitive information such as … Continue reading

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Where Are Your Assets?

Does your spouse know where your assets are should something happen to you (and it might not be upon your death)? It is important your spouse be aware of all of your income sources and where your assets and liabilities … Continue reading

Posted in Asset Protection, Estate & Gift Planning, Estate & Gift Taxes, Future Planning, Taxes | Tagged , , , , , | Leave a comment

2010 Year End Gift Tax Tips

Taxpayers can transfer substantial amounts free of gift taxes to their children or other donees (gift receivers) through the proper use of the following exclusion. (You’re probably aware that the estate tax has been repealed for 2010, but is scheduled … Continue reading

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CIRCULAR 230 DISCLAIMER: ADVICE, ARTICLES AND COMMENTARY INCLUDED HEREIN DO NOT CONSTITUTE AN OPINION AND ARE NOT INTENDED OR WRITTEN TO BE USED, AND THEY CANNOT BE USED, BY ANY TAXPAYER FOR THE PURPOSE OF AVOIDING PENALTIES THAT MAY BE IMPOSED ON THE TAXPAYER.