Idea of the Week #6
If you are considering converting to a Roth IRA before the end of the year call us today and let us help you by preparing a detailed report to assist in your decision making. Remember conversions done before the end…
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…
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
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…
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 (You're probably aware that the estate tax has been repealed for 2010, but is scheduled…
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…
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…
Estate & Gift Planning 2010 Style
How do you plan estate tax futures with the uncertainty reflected in our Washington politics? As of now, even though we at Estes Armstrong Earley think some form of the old estate tax rules of 2009 will go forward, we…
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…
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.