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Category Archives: Personal Taxes
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.
Final Filing Deadlines Approaching!
If you have not yet filed your 2008 tax returns, you are quickly running out of time! Corporate filing deadlines come in September, and personal filing deadlines arrive in October. After that you are subject to stiff fines from both … Continue reading
Will the “Making Work Pay” tax credit hurt you next April?
The new “Making Work Pay” tax credit is being paid to taxpayers in advance through reduced payroll withholding. The reduction was accomplished by tweaking the payroll withholding tables, which does not consider all specific tax circumstances. You may not have … Continue reading
Posted in Payroll, Personal Taxes, Tax Planning
Tagged making work pay, Payroll, withholding
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