Articles
Many employers offer what are commonly referred to as 401(k) plans, named after the tax code section that created the plans. These plans allow employees to defer part of their earnings for retirement. Some employers offer matching contributions that in...
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Through 2011, taxpayers are allowed up to a $4,000 above-the-line deduction for qualified higher education tuition and related expenses. Unless extended by Congress the deduction will no longer be available after 2011.Taxpayers are allowed ...
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This is provided to assist clients in making informed financial decisions when buying, selling or leasing vehicles. Being knowledgeable before shopping can help save those hard-earned dollars. This page is organized in logical steps to help you prepare...
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This section is provided to assist clients in making informed financial decisions when buying, selling or leasing vehicles. Being knowledgeable before shopping can help save those hard-earned dollars.
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Unfortunately, if you deduct actual expenses for business use of your car, you probably find your write-offs for depreciation restricted due to so-called luxury car limitations. And most any cars (including trucks or vans) fit the IRS definition of a "...
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Self-employed taxpayers should consider their options carefully when it comes to applying tax benefits for their own education tuition and expenses. Tax law provides multiple ways to benefit from the educational expenses and one may provide more benefi...
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When this deduction was first created some years back the deduction was limited to interest for the first 60 months after the first payment was due. The 60-month rule was temporarily eliminated through 2012. Without further Congress...
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The law provides for two nonrefundable tax credits, the American Opportunity (or Hope Scholarship credit) and the Lifetime Learning Credits. Both credits will reduce a taxpayer's tax liability dollar for dollar until the tax reaches zero. Any ...
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The Bush era tax cuts slowly phased out the federal estate tax and abolished it altogether for decedents dying in 2010, and replaced it with a rather complicated modified carryover basis regime. Just about everyone assumed Congress would re...
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Tax law requires businesses to provide information returns, such a 1099s, to each payee that the business has paid $600 or more for the year. The law also includes penalties for failure to file the same information returns with the IRS.To ensu...
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