By: Tax Advisors Tax Planning Views: 5460 | Comments: 0 | Votes: 0
Social Security benefits are taxed depending on your total income from all sources. Here is how to calculate how much of your Social Security benefits is taxable. Provisional Income Provisional income is your total worldwide income, including tax-exempt income, plus half of your Social Security benefits. 2. 3. 4. More
By: Tax Advisors Tax Planning Views: 5582 | Comments: 0 | Votes: 0
If the tax cuts are allowed to expire at the end of the year, stock dividends will be subject to a much higher tax. Right now, the tax on stock dividends typically is a maximum 15%. But if the Bush tax cuts expire and we revert to previous levels, dividends would be subject to an income-tax rate of as much as 39.6%. More
By: Tax Advisors Tax Planning Views: 6224 | Comments: 0 | Votes: 0
Credit enables many customer transactions that would not otherwise be possible. If your business offers customer credit, you’ve most likely had someone unable to repay their debt. If you report these sales as income but cannot collect, the IRS calls this “business bad debt.” In these cases, the IRS allows you to deduct those debts to decrease your federal tax liability. More
By: Tax Advisors Tax Planning Views: 6135 | Comments: 0 | Votes: 0
Come Wednesday, property managers throughout California will be required to pay the state 7 percent of rental proceeds to cover out-of-state owners’ estimated income taxes — a nearly 50-year-old requirement that is now being enforced as the state struggles with billions of dollars in budget deficits. “For us, it’s a tax matter,” Voet said. “It’s slavery. More
By: Tax Advisors Tax Planning Views: 5814 | Comments: 0 | Votes: 0
Home Foreclosure and Debt Cancellation The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for this relief. More
By: Tax Advisors Tax Planning Views: 5009 | Comments: 0 | Votes: 0
New Mileage Rates for 2010 If you drive a car, truck or van for work, you'll want to make sure you know the standard mileage rates that the Internal Revenue Service (IRS) has set for 2010. And remember, these mileage rates are not just used to calculate deductible costs for driving an automobile for business, but also for charitable, medical or moving purposes. More
By: Tax Advisors Tax Planning Views: 5141 | Comments: 0 | Votes: 0
In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. These changes may result in an increase in take-home pay. More
By: Tax Advisors Tax Planning Views: 4115 | Comments: 0 | Votes: 0
Education Credits The American Recovery and Reinvestment Act of 2009 introduced significant changes to education credits. American Opportunity Credit (AOC) – This credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. More
By: Tax Advisors Home Loans Views: 12224 | Comments: 0 | Votes: 0
First-Time Homebuyer Credit Comparison Chart Housing and Economic Recovery Act of 2008 American Recovery and Reinvestment Act of 2009 Worker, Homeownership and Business Assistance Act of 2009 Effective for purch More
By: Tax Advisors Personal Finance Views: 5249 | Comments: 0 | Votes: 0
that a nation also looks to be battling its way out of recession quite successfully – and that more people may now be aware of the importance of savings. More
