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? Deduct a bad debt on my individual income tax return?
Nonbusiness creditors may deduct bad debts when they become totally
worthless (i.e. there is no chance of its repayment). The proper
year for the deduction can generally be established by showing
that...
FAQ: What's the difference between an HSA, FSA and HRA?
To ease the pain of the ever-escalating costs of healthcare, many
employers provide certain tax-driven health benefits and plans to
their employees. To help employers understand the differences and
si...
How Do I? Figure the first-time homebuyer tax credit?
The Housing Assistance Tax Act of 2008 (2008 Housing Act) gave a
boost to individuals purchasing a home for the first time with a
$7,500 first-time homebuyer tax credit. The credit was enhanced
from $...
Payroll taxes can be a minefield for small employers
More small businesses get into trouble with the IRS over payroll
taxes than any other type of tax. Payroll taxes are a huge source
of government revenue and the IRS takes them very seriously. It is
ac...
How Do I? Predict whether I'll owe alternative minimum tax (AMT)
The AMT is difficult to apply and the exact computation is very
complex. If you owed AMT last year and no unusual deduction or
windfall had come your way that year, you're sufficiently at risk
this y...
Is a tax refund always a good thing?
You've waited until the last minute to fill out your income tax
return. Instead of owing more taxes to the IRS, as you feared, you
discover that you're entitled to a big refund. You breathe a sigh
of ...
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