Good Intentions, Bad Tax Results, a recent Tax Court case* illustrates what can go wrong when taxpayers don’t have all the documentation required to support their deductions for charitable contributions. The case involves a couple who had made a series of cash donations totaling approximately $25,000 to a tax-exempt organization (their church). They claimed a […]
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Make sure your Tax Payment are on Time, the IRS doesn’t wait until returns are filed to collect income taxes from taxpayers. Most people are required to pay tax during the year by making quarterly estimated tax payments to the IRS or having their employers withhold income taxes from their paychecks. It’s important to pay
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A Different Way To Give Donor-Advised Funds, are you looking for a different way to give to your favorite charities? If you are, you may want to consider a donor-\’ advised fund. Donor-advised funds are a popular option because they offer. several attractive benefits: relatively modest contribution guidelines, little to no set-up costs, few ongoing
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Saving For Retirement When You\’re Self-Employed, you\’re in good company if retirement security is one of your main financial concerns. A difficult economy, market volatility, and less access to traditional pensions have heightened awareness of the need for retirement planning. As a self-employed individual, you really have to think carefully about your future, since you
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New Tax on Investment Income, a new 3.8% Medicare tax on the \”unearned\” (investment) income of higher income individuals will take effect in 2013. It\’s not too soon to look at potential strategies for minimizing the tax if you\’re likely to be subject to it. Who Will It Affect? The new tax will be imposed
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The Alternative Minimum Tax Trap, when the alternative minimum tax (AMT) system was introduced in the early 1980s, it was intended to prevent a small number of taxpayers with substantial economic income from completely avoiding federal income taxes through the use of exclusions, deductions, and credits. The idea was to have those taxpayers do a
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Your Company\’s Retirement Plan – Time for a Check-up?, no question, keeping a retirement plan in compliance with tax and pension law requirements can be challenging for employers. Since mistakes in plan administration are not unusual and can be costly if uncovered in a government audit it\’s smart for employers to review their plan\’s operations
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Hobby or Business? Why the IRS Cares, turning a hobby you enjoy into a riioney-making activity can make for an ideal work situation. And many people do turn to their personal interests for business inspiration after they \”retire\” or when they simply want to supplement their job earnings. The income received from such pursuits is
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Put Your Child on the Payroll This Summer, are you it self-employed business owner and the parent of a teenager? Giving your child a job this summer could be a smart tax move. Deduction for you. The net income you earn as a self-employed person ill 2011 will he taxed at rates as high as
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A Window of Opportunity for Family Business Owners, as a small business owner, you may have high hopes that your kids and grandkids will keep your company going well into the future. Along with those hopes may come worries that a substantial estate-tax burden could make it difficult, if not impossible, for the next generation
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