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 […]

Read More

New law repeals expanded 1099 reporting rules

On April 14, 2011, President Obama signed legislation (Comprehensive 1099 Taxpayer Protection and Replacement of Exchange Subsidy Overpayments Act of 2011) repealing the previously expanded reporting rules for businesses and landlords that had been created by laws passed in 2010. Business reporting. The Form 1099 reporting rules were changed by the 2010 health care legislation. […]

Read More

April 18, 2011: Major Tax Deadline

Monday, April 18, is a red letter day in the world of taxes. It is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines. Filing 2010 income tax returns for individuals. If you cannot file your return by this deadline, be sure to file an extension request by […]

Read More

Health Care Tax Credit Will Help Small Businesses

Small Business Health Care Tax Credit to Help Small Businesses A new Health Care Tax Credit will help small businesses and small tax-exempt organizations afford the cost of covering their employees.  Our firm is extending an additional service to new and existing clients in determining eligibility for this credit. The eligibility rules include providing health care […]

Read More

Life Stages Series: HSAs Offer Tax Breaks

Health Savings Accounts Offer Tax Breaks A Health Savings Account (HSA) is a trust account into which tax-deductible contributions can be made by qualified taxpayers who have high deductible medical insurance plans. Income earned on the HSA balance is tax-free. The funds from these accounts are then used to pay “qualified medical expenses” not covered […]

Read More

Life Stages Series: This Week “Entrepreneurs”

A relationship with an accountant is important for every stage of your life, most especially if you are in business for yourself. Entrepreneurs  face some of the same financial challenges as larger companies. Taxes, for one. Payroll and income tax too. Large companies have accountants on staff working for them, but smaller companies may not […]

Read More