Did you employ someone to work in your home in 2009? Perhaps a nanny or a housekeeper? If so, it’s possible you may need to file Schedule H, Household Employment Taxes.
What does the government consider a household employee to be?
A household employee is defined by the IRS as someone you hired “to do household...
The Adoption Credit is granted to people who incurred qualifying expenses during the adoption process in 2009. With few exceptions (see below), the IRS offers this credit to taxpayers who adopt any child under 18 or any person who is physically or mentally unable to care for himself or herself.
The IRS considers adoption fees, court costs, attorney...
Wow, it’s been a few days since we posted something new! Must be the busy time of year around 840,000 Oaks.
Though I don’t have anything new from our staff for our followers to read, I did want to share this press release I received from the Texas Comptroller’s office on Friday:
“Combs Reminds Families to Enroll...
Is a private foundation better than a donor advised fund? Do I need a private foundation?
Quite possibly the answer to this question is a resounding “No!”
If you are considering establishing a private foundation (PF) to achieve your charitable giving objectives, we encourage you to visit with us first so that we can explore with you...
How do you know if you are eligible for the Earned Income Tax Credit (EIC)? Like many of the credits offered by the IRS, there are multiple requirements that must be met before you can claim the credit on your tax return. In the case of the EIC, most of the conditions are limits on...
2009 was not a great year for the car industry, but it was full of opportunities for taxpayers to get good deals on new wheels! Taxpayers had the opportunity to take advantage of huge sales in car lots across the country as well as the government program Cash for Clunkers, and now those folks who...
Some taxpayers argue that because the individual states are sovereign, they are not actually part of the United States. Can you believe it? They assert that the United States is made up only of the District of Colombia and federal territories and enclaves, so if a taxpayer does not live in the United States as...
As all of you around the metroplex are aware, DFW has been covered in beautiful, wonderful, real snow (as opposed to the icy slush we normally call snow) over the past couple days.
Paula Jefferson & Associates, P.C. turned into a winter wonderland, with 3 1/2 inches by 4pm yesterday – holy cow! The weather was...
26 USC §1402(b) defines self-employment income as “the net earnings from self-employment derived by an individual…during any taxable year” from the conduct of a trade or business which must be carried on by the individual. The trade or business can be operated either by the individual or through the employees or agents. That’s quite a...
Is it true that if I overpay my taxes, there is no time limit to claim the overpayment as a credit or refund?
No, unfortunately that isn’t true. According to §6511 of the US Code, there are firm limits on when you can obtain a credit or refund for an overpayment.
If you have filed a tax...
