Are you going back to school or have a student starting college? College is expensive. Here is a way to reduce those costs. The tax code provides tax credits for post-secondary (college) education tuition paid during the year for a taxpayer, spouse, or dependents. Taxpayers should make every attempt to take advantage of these benefits. [...]
Clarification on this subject is never a terrible idea since it has changed in recent years. We get asked this all the time so here is the skinny on Child and Dependent Care Tax Credits. The Child and Dependent Care Credit can help offset some of the costs you pay for the care of your [...]
The recently enacted 2012 American Taxpayer Relief Act is a sweeping tax package that includes, among many other items, permanent extension of the Bush-era tax cuts for most taxpayers, revised tax rates on ordinary and capital gain income for high-income individuals, modification of the estate tax, permanent relief from the AMT for individual taxpayers, limits [...]
Please join us for our 2012 open house on Saturday, January 14th from 11am to 2pm at our office to kick off this tax season! Our office is located in Northwest Tucson, on the Northwest corner of Ina and Mona Lisa right by the Foothills Mall. Our address is 7225 N. Mona Lisa Road, Suite [...]
If you are planning to open a new business, there are a number of tax and accounting issues you need to be aware of. The following are some of the more commonly encountered issues a new business owner needs to cope with. 1. Entity Selection – First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of businesses are the sole proprietorship, partnership, corporation, S corporation and limited liability company. This office can assist you in making that determination and setting up the chosen entity. Depending on the type of entity you choose, you may also need the services of an attorney to complete legal documents required to establish the business.
Normally, one would think that Congress would have to take some action to increase taxes. However, it is quite the opposite for 2011. If Congress fails to take action, there will be a tax increase affecting just about everyone in every tax category. In order to skirt a Senate rule that requires 60 votes to pass a bill that increases the deficit beyond a ten-year window, Congress passed the Bush tax cuts in 2001 and 2003 with most provisions designed to sunset this year.
Getting married involves hundreds of details and decisions, from wedding planning to house hunting to joint checking accounts. Although taxes may not be high on your priority list, it’s important to consider how you will file your annual returns as newlyweds. With tax season less than a year away, it’s a great time to look at some of the changes you may need to make for the IRS. Here are some basic tips:
Our courageous armed service men and women now have until April 30, 2011 to take advantage of the home buyer tax credit. Although it expired a little over a month ago for most Americans, this extra year goes a long way for qualified service members.
Additional modifications to health care are anticipated for 2013 and 2014. (See Healthcare Changes for Small Business, part 1: 2010-2011 for the first installment.) Changes starting in 2013 Beginning in 2013, the itemized medical expense deduction floor will be raised from 7.5% to 10% in order to limit tax-subsidized medical expenses.
Part 1: 2010-2011 American healthcare is poised for some pretty radical changes over the next several years – changes that are relevant to everyone from the youngest child to the oldest retiree. If you're a small business owner or an employee of a small business, you’re probably wondering whether the new laws and regulations will impact you. Read on to learn about potential changes to your insurance and healthcare premiums.