Congress Passes Individual and Business Tax Incentives in the Small Business Jobs Act of 2010

  • October 1, 2010

Congress has passed a small business jobs bill, the Small Business Jobs Act of 2010 (H.R. 5297), with valuable individual and business tax incentives totaling approximately $12 billion. Many of these tax incentives are temporary so you have only a short window of time in which to take advantage of them. Other tax incentives are permanent but require careful planning to maximize your tax benefits.

Calculating Correct Withholding and Estimated Tax

  • September 1, 2010

Correctly calculating your estimated tax payments and/or withholding is even more important as the year end approaches. Accurate calculations are especially important as third and fourth quarter payments become due, and your income and expenses for the rest of the year can be more accurately projected.

What the New 1099 Reporting Requirement will Mean for Businesses

  • September 1, 2010

Businesses of all sizes are preparing for a possible avalanche of information reporting after 2011. To help pay for health care reform, lawmakers tacked on expanded information reporting to the Patient Protection and Affordable Care Act (PPACA). The health care reform law generally requires all businesses, charities and state and local governments will file an information return for all payments aggregating $600 or more in a calendar year to a single provider of goods or services.

FAQ: What’s New in Back-to-School Tax Savings?

  • August 2, 2010

It is no secret to students, working individuals going back to school, and their families that the cost of education is becoming continuously more expensive year after year. The Tax Code provides a variety of significant tax breaks to help pay for the rising costs of education, from elementary and secondary school to college and graduate school. Individuals may be surprised to learn the many different ways the tax laws can help make education more affordable these days. In addition to scholarships, loans and work-study grants, or simply by themselves, these incentives can provide valuable cost savings.

Deducting Receivables as Bad Business Debts

  • August 2, 2010

While the economy continues to slowly recover, many businesses continue to face customers struggling to pay outstanding bills for services or goods. The Tax Code provides relief to businesses faced with the inability to collect on accounts receivable. Businesses that are unable to get customers to pay the bill can claim a deduction for the "bad debt."

IRS Takes Another Step Toward Implementing Controversial New Information Reporting

  • August 2, 2010

The IRS has taken another step forward in final implementation of sweeping information return requirements. As required by law, it has formally asked for comments from the public on how to best write the final rules with the least amount of trouble for businesses and other "reporting" entities. "Good luck in minimizing trouble," many taxpayers are already complaining.

Q & A: How Do I Set Up a Retirement Plan for Employees of My Small Business?

  • August 2, 2010

Many small employers want to offer their employees the opportunity to save for retirement but are unsure of how to go about setting up a retirement plan. In this article, we'll explore three options that are widely used by small businesses: payroll deduction IRAs, SEP plans, and SIMPLE IRAs.

Congress Readies Enhanced Small Business Tax Bill

  • August 2, 2010

A package of small business tax incentives, as part of the larger Small Business Jobs Act of 2010 (H.R. 5297) has been slowly making its way through Congress over the past several months. However, on July 29 members of the Senate effectively blocked a final vote on the H.R. 5297, pushing the prospects for passage of bill by both chambers of Congress into September (when Congress returns from its August recess).

Preparing for the Possible Return of Pre-EGTRRA Individual Tax Rates

  • August 2, 2010

In less than six months, unless Congress acts, the individual marginal income tax rate reductions under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) will expire. While the timetable for addressing the EGTRRA tax cuts is not certain, the approaching sunset of the individual rate reductions, the possibility for their extension, and the fate of the limit on itemized deductions and the personal exemption phase-out will touch all taxpayers. The potential rate change makes tax planning all the more important.