Category Archives: Taxes

Proposed Extension of Bush Era Tax Cuts

As reported by the Wall Street Journal in this morning’s paper below is a brief synopsis of the proposed tax cuts in the tax bill currently being decided on by Congress: All taxpayers (1)  Two-year extension of current tax rates … Continue reading

Posted in Congress, Future Planning, News, Taxes | Tagged , , , , , , , | Leave a comment

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

Posted in Idea of the Week, Independent Contractor, Taxes, Travel Expenses | Tagged , , , , | Leave a comment

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 (You’re probably aware that the estate tax has been repealed for 2010, but is scheduled … Continue reading

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

Newsletter Signup

We just finished the 2010 tax season and are starting a newsletter to help our clients and future clients stay on top of the major issues facing them.  We will be sending out a newsletter periodically to all who sign … Continue reading

Posted in News, Taxes | Tagged , , , | Leave a comment

EAE Tax Bites

The tax bill for small businesses looks like it will be passed very soon. Some of the items which will affect you are as follows: 1. You may expense up to $500,000 of assets placed in service in 2010 and … Continue reading

Posted in Congress, News, Taxes | Tagged , , , , , | Leave a comment

Social Security Credit on Quarterly Payroll Report

If you haven’t been taking advantage of the the credit on Form 941 for the employer’s share of Social Security taxes for qualified employees you should immediately. This change was passed earlier in the year in the HIRE Act of … Continue reading

Posted in Payroll Taxes, Taxes | Tagged , , , , , | Leave a comment

Small Tax Exempt Organization Filing Requirements

We mentioned a link on our twitter page previously that discussed how small non-church tax exempt organizations are running into a problem this year in keeping their tax exempt status.  Back in 2006, the Pension Protection Act contained a small … Continue reading

Posted in Tax Exempt Organizations, Taxes | Tagged , , , | Leave a comment

Idea of the Week #3

Take a look at your dividend paying stocks before the end of 2010.  Dividend tax rates might be on the rise next year if the Bush tax cuts expire.

Posted in Congress, Idea of the Week, Taxes | Tagged , , , , , | Leave a comment

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.