Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for
an extension. In either case, now it’s time to start thinking
about important post-filing season activities to save you tax in...
Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is
deciding the fate of the Pension Protection and Affordable Care Act
(PPACA) and its companion law, the Health Care and Education
Recon...
Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted
during an April 2012 hearing by the House Ways and Means Committee.
Lawmakers were advised by many experts to move slowly on
making ...
How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in
the trade or business and from involuntary conversions. Normally,
you have to determine whether property is a capital asset or is
ordin...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
May 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
How Do I? ... Keep a log for automobile expenses
If you use your car for business purposes, you may have learned
that keeping track and properly logging the variety of expenses you
incur for tax purposes is not always easy. Practically speaking,
how...
FAQ: Will renting my vacation home mean big tax write-offs?
If you own a vacation home, you may be considering whether renting
the property for some of the time could come with big tax breaks.
More and more vacation homeowners are renting their property. But
w...
Reasonable" compensation: Hot button for IRS auditors
In order to be tax deductible, compensation must be a reasonable
payment for services. Smaller companies, whose employees frequently
hold significant ownership interests, are particularly vulnerable
t...
How Do I? . . . Deduct student loan interest
There are tax benefits for which you may be eligible if you are
paying education expenses for yourself or an immediate member of
your family. In the rush to claim one of two education tax credits
or t...
Third-party reporting: Your responsibilities likely to increase
More third-party reporting is coming. Treasury, Congress, and the
IRS are all entertaining proposals to require the reporting of
income that currently does not have to be reported to the IRS. IRS
Nati...
No bright line between businesses and hobbies
Businesses benefit from many tax breaks. If you are in business
with the objective of making a profit, you can generally claim all
your business deductions. If your deductions exceed your income for
t...
Gross Vehicle Weight Ratings, SUVs, Pickups and Vans
Many taxpayers purchase and use trucks, vans and sport utility
vehicles in their businesses. These vehicles may not be subject to
the annual passenger vehicle depreciation limitations if their
gross v...
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