Democrats discuss new infrastructure package funded by tax increases
To read the news article published in ‘The Hill’, click on the following title link: Do more on jobs, Dems tell Obama
Continue Reading →IRS Announces “Good Faith” Extension of Voluntary Disclosure Deadline
Click the following link to read more IRS Announces “Good Faith” Extension of Voluntary Disclosure Deadline.
Continue Reading →Congressional Bill Would Equalize Tax Treatment for Domestic Partners in Health Plans
Click the following link to read more Congressional Bill Would Equalize Tax Treatment for Domestic Partners in Health Plans.
Continue Reading →IRS Gives Relief for Late Elections to Combine Real Estate Activities
IRS Gives Relief for Late Elections to Combine Real Estate Activities.
Continue Reading →IRS raises threshold for imposing tax liens
The Internal Revenue Service recently announced that it will adjust its use of tax liens to collect back taxes. A federal tax lien gives the IRS a claim on a delinquent taxpayer’s property for unpaid taxes. This change means the IRS won’t use a tax lien unless at least $10,000 in back taxes is owed; [...]
Continue Reading →“Tax Freedom Day” came later in 2011
Tax Freedom Day fell on April 12 this year, three days later than in 2010. According to the Tax Foundation, all the money earned by taxpayers in the first 102 days of 2011 will go to pay their federal, state, and local taxes. Another “fun fact” from the Tax Foundation: If the government were to [...]
Continue Reading →Tax tips for your vacation home
Planning to rent out your vacation getaway? When it comes to taking advantage of the tax benefits, timing is an important factor. Here are two points to remember: 1. The 14-day-or-10-percent test. The IRS applies this test to determine if you use your vacation home as a personal residence. If you stay in the home [...]
Continue Reading →Tax breaks can help when disaster strikes
Recent events here and abroad are reminders that disasters can occur at any time – often with staggering human and financial costs. If you’re an unlucky victim of a disaster, you may receive help from insurance and federal disaster aid. But the tax code also offers some relief. You may be able to take an [...]
Continue Reading →Consider the time value of money in making business decisions
Suppose you’re selling your business, and it’s worth $400,000. You’re offered $210,000 down and lump sums of $100,000 at the end of year 1 and year 2. Should you take the offer? Most people know that $1,000 now is worth more than $1,000 a year from now. Here’s why: 1. Inflation: In a year, a [...]
Continue Reading →Estate taxes might not affect you, but you still need a plan
There’s good news if you’re concerned about estate taxes. For the next two years (2011 and 2012), the value of your estate that’s excluded from tax is set at $5 million. And the top rate on taxable estates is 35%. The $5 million exemption is per person, thus a couple’s exemption is $10 million. Also [...]
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