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Recent posts
- QuickBooks services for version 2010 to be discontinued May 31, 2013
- Top 6 Reasons You Should NOT File for An Extension on Your Tax Return
- Minnesota Slams Turbotax and Other Intuit Products over Tax Filing Software Problems
- Energy Costs Rise as Tax Incentives Fade
- Has Your 2012 Roth-Converted IRA Declined in Value?
- Alarming New IDES Audit Policy!
- Another Tax Scam
- Use QuickBooks’ Tools – and Common Sense Procedures – To Prevent Financial Fraud
- IRS Encourages Taxpayers to Limit Use of “Where’s My Refund”
- Prepared for the New Surtax?
Category Archives: Tax legislation
Prepared for the New Surtax?
As part of Obama Care, we have a new tax beginning in 2013. The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution, don’t get the idea … Continue reading
Posted in Personal Taxes, Tax legislation
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IRS Announces Simplified Option for Claiming Home Office Deduction Starting for 2013 Tax Year
The IRS just released the following update about deducting the home office deduction. This will allow eligible home-based businesses to a simplified deduction to deduct up to $1,500; overall this is estimated to saves taxpayers 1.6 million hours per year … Continue reading
Posted in Business taxes, Tax legislation
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Congress passes bill to avert Fiscal Cliff
Late on January 1st, 2013 the Senate and House passed H.R.8, the “American Taxpayer Relief Act” (the Act). The Act will prevent many of the tax hikes that were scheduled to go into effect today and retain many favorable tax … Continue reading
Posted in Tax legislation
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Fiscal Cliff Calculator
Interested in seeing how various possibilities of next year’s tax rates will affect your pocketbook? The Tax Policy Institute developed this calculator as a tool to help you understand how current tax policy affects real families and what would happen … Continue reading
Posted in Personal Taxes, Tax legislation
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1099-K Business Return Reconciliation Eliminated
The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card transactions, such as credit and debit card payments. The purpose was to … Continue reading
Posted in Small Business, Tax legislation, Tax Preparation
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Recently Enacted Tax Breaks for Small Businesses
Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to … Continue reading
Posted in Business taxes, Small Business, Tax legislation
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How a Change in 1099 Reporting Will Cause Headaches for Business Owners and Tax Preparers
As part of new legislation passed during 2011, Congress has mandated new reporting for payments made by credit card processors and banks. This new reporting requirement is sneaking up on the general public and will cause major headaches for business … Continue reading
Posted in Business taxes, Record keeping, Tax legislation
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IRS Announces Increase to Standard Mileage Rate for 2011
The IRS announced today an increase in the standard mileage rate for 2011 due to the increased price of fuel. The revised standard mileage rates are 55.5 cents per mile for business use of an automobile and 23.5 cents for … Continue reading
Posted in Tax legislation
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Key Business Changes in the Small Business Jobs Act
The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act. Enhanced small business expensing (Section 179 expensing). … Continue reading
IRS Phasing Out 8109 Coupons for Tax Payments
The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper 8109 coupon payment system will be shut down at the end of … Continue reading
Posted in Payroll, Tax legislation, Uncategorized
Tagged eftps, electronic payment, paper coupons
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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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Reasonable Compensation is Becoming a Hot Issue
Corporate officers will sometimes attempt to disguise what should be payment for services as distributions of cash, dividends, and loans as a means of avoiding payroll taxes on the income. Because they are pass-through entities, Sub Chapter S corporations are … Continue reading
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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What are Illinois Democrats thinking?
Illinois Democrats are floundering in their attempts to fix a $13 billion dollar shortfall and the ideas being floated are simply ludicrous. One proposal is to borrow more money. After recent downgrades of the state’s debt ratings by Moody’s this proposal is becoming not only more expensive but digging ourselves deeper in a hole. Other proposals include skipping payments to the state pension plan, delaying payments to providers of state services, and raiding state funds earmarked for other purposes.
Posted in Illinois, Tax legislation
Tagged budget, Illinois, Illinois Department of Revenue
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