When you think of naming your business, what comes to mind? Catchy titles, alliteration, rhyme? Certainly, the most memorable business names have a level of cutesiness or cleverness to them, but being cute and/or clever is not the only thing that matters. In fact, naming your business may not be as easy as you might...
Did you know there are thousands of people in our nation for are eligible for the Health Coverage Tax Credit (HCTC) but don’t know it? It’s true! The HCTC pays 80 percent of health insurance premiums for eligible taxpayers and their qualified family members, but there are many eligible taxpayers out there who don’t even...
Is the Internal Revenue Service an agency of the US, or its own unique entity?
If your response is, “The IRS is its own entity,” then you, along with many other taxpayers, are sadly mistaken.
Regrettably, some taxpayers go beyond simply being mistaken in their assumptions. There are people out there who actually use that claim as...
If you take a close look around the next time you’re out and about, you’ll notice that all the companies you pass have one thing in common: how different they all are! Every time someone starts a business, they must take many things into account – competition, the need in the area and how they...
Is it true that the top 1% of taxpayers pay the least amount of tax to the government?
No, that is totally fiction!
In fact, the top 1% of taxpayers—those taxpayers with adjusted gross income (AGI) of at least $410,096—carry the largest tax burden of any other tax bracket. According to the IRS, in 2007 this 1%...
Several weeks ago, we covered the ins and outs of the First Time Homebuyer Credit. Today, our focus will be on the other credit out there for homebuyers – the Move-Up or Repeat Homebuyer Tax Credit.
1. What exactly is the Move-Up/Repeat Homebuyer Tax Credit?
This is a reduced homebuyer credit offered as a part of the...
Each year, the IRS issues optional standard mileage rates that taxpayers can use to compute the deductible costs of operating a vehicle for business, charitable, medical or moving expenses.
In 2009, the mileage rates were set as follows:
Medical & moving: 24¢
Charity: 14¢
Business: 55¢
On December 3, 2009, the IRS released the 2010 rates:
Medical & moving: 16.5¢
Charity: 14¢
Business: 50¢
So why did...
There are taxpayers out there who argue the federal government can only levy taxes on those individuals who are employees of the federal government. The argument comes from a misreading of section 3401 of the Internal Revenue Code (IRC), which defines “wages“ as any and all payments made for services performed by an employee for...
Earlier this week we took a look at the Residential Energy Property Credit for individuals that was created by the American Recovery and Reinvestment Act (ARRA), but did you know that ARRA created numerous tax incentives for businesses to become more energy efficient as well? Courtesy of www.IRS.gov, here are seven reasons your business could...
Is it true that itemizing is always better than taking the standard deduction?
Actually, this isn’t true at all. When it comes to taxes, it’s very rare that one thing is “always” better than another. Like most tax-related decisions, the choice to itemize or take the standard deduction is based on your personal situation. It’s also...
