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Recent posts
- New Credits for Hiring Veterans
- Are You Liable for a Gift Tax Return?
- Modifying QuickBooks Reports Gives You Better Insight Into Past, Future: Part 1
- It’s Tax Time! Are You Ready?
- Watch your bank statements!
- Updated Business Organizers and Year-end Information
- New 2012 IRS Tax Calendars Are Here
- Medical Checklist
- Customer Refunds: Are You Doing Them Right in QuickBooks?
- Maximize Your Charitable Deductions
Category Archives: Personal Taxes
Are You Liable for a Gift Tax Return?
Frequently, taxpayers think that gifts of cash, securities, or other assets they give to other individuals are tax-deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the … Continue reading
It’s Tax Time! Are You Ready?
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it … Continue reading
Posted in Personal Taxes
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Medical Checklist
After 2012, the limitation on deductible medical expenses increases for most taxpayers from the current 7.5% of AGI to 10% (it remains at 7.5% for taxpayers age 65 and over through 2016). So if you need some dental work, laser … Continue reading
Posted in Personal Taxes
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Maximize Your Charitable Deductions
As the end of the year approaches, there are still things you can do to increase and properly document your charitable contributions for 2011. Here is a brief rundown: Print PDF
Posted in Charitable Donations, Personal Taxes
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Are out-of-pocket expenses for charities deductible?
Here’s a question from a client about whether or not expenses they incur while volunteering for a charitable organization are deductible. My wife has begun volunteering for a religious organization which operates under the 501c3 status of their church denomination. Her … Continue reading
Posted in Ask Steve, Charitable Donations, Personal Taxes
Tagged Charitable donations
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IRS Announces Pension Plan Limitations for 2012
The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Continue reading
Posted in Personal Taxes, Retirement Plans
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Flipping Homes – A Reviving Trend in Real Estate
Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving … Continue reading
Illinois Tax Amnesty to Begin October 1
On Monday, August 16th, Governor Quinn approved the bill to establish a tax amnesty program for all taxpayers for taxes due for any taxable period ending after June 30, 2002 and prior to July 1, 2009. The amnesty period will run … Continue reading
Posted in Illinois, Personal Taxes, Tax legislation, Uncategorized
Tagged Illinois, illinois tax amnesty, tax amnesty
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Illinois Tax Amnesty Measure Goes to Governor
The Illinois General Assembly has passed a measure to implement an amnesty on taxes administered by the Department of Revenue and has sent the measure to Gov. Pat Quinn. The amnesty period would run from October 1, 2010, through November … Continue reading
Posted in Business taxes, Illinois, Personal Taxes, Tax legislation
Tagged amnesty, Illinois, income tax, penalties
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Hiring Family Members in a Family Business
In today’s tough job market, students seeking summer employment, young adults looking for full-time employment, and college graduates looking to begin their careers are finding it difficult to land a job. The family business may be the only place for … Continue reading
Posted in Business taxes, Payroll, Personal Taxes, Tax Planning
Tagged employing a child, hiring family
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S Corporation Owners May Pay Higher Self Employment Taxes
The chairmen of the House and Senate tax-writing committees today released a summary of “H.R. 4213,” also called “The American Jobs and Closing Tax Loopholes Act of 2010.” It is considered an extenders bill because it extends some favorable tax provisions due to expire this year. However there is one item tucked away in this bill is something that could affect owners of small (3 or fewer employees) S corporations engaged in a professional service business. Continue reading
Posted in Personal Taxes, Tax legislation, Uncategorized
Tagged extender bill, H.R. 4213, self employment
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House passes bill to permit 2010 Haitian relief contributions to be deducted on 2009 returns
On January 20, the House approved by voice vote H.R. 4462, a bill that would allow donors to accelerate the income tax benefits for charitable cash contributions for the relief of victims of the earthquake in Haiti. Also on January … Continue reading
Posted in Personal Taxes, Tax legislation
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Homebuyer Tax Credit Extended and Liberalized
On November 5, 2009, the House of Representative passed H.R. 3548, the Worker, Homeownership, and Business Assistance Act of 2009″. The measure was OK’d by the Senate on November 4, so it is cleared for the President’s expected signature. The … Continue reading
Claiming a relative as a dependent
Q: My sister has been living with us for about a year. Is it possible to claim her as a dependent and what are the requirements? A: There are a series of tests which must be met in order for … Continue reading
Tax Aspects of Providing Foster Care
If you are currently caring for a foster child, or considering doing so, there are several tax benefits of which you should be aware. This analysis is pertinent for those that will be taking a foster child into their home—for reasons other than profit—and that an agency is going to make monthly payments for so long as you provide the foster care. Questions that arise are how foster parents should treat those payments for tax purposes, whether you can deduct your expenses in raising the foster child, and whether there are any other tax aspects to providing foster care.
