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The Health Care Law – Getting Ready to File Your Tax Return

It’s always a good idea to prepare early to file your federal income tax return. Certain provisions of the Affordable Care Act – also known as the Health Care Law – will probably affect your federal income tax return when you file this year. You or your tax professional should consider preparing and filing your

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Business changes in HIRE Act

The President recently signed into law the “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act, P. L. 111-47, 03/18/2010). The centerpiece of this Act is a payroll tax holiday and up-to- $1,000 tax credit for businesses that hire unemployed workers. In addition to these new hiring incentives, the HIRE Act also includes a one-year extension

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Key business changes in the Small Business Jobs Act

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act. Enhanced small business expensing (Section 179 expensing). To help small businesses quickly recover the cost of capital outlays, small business taxpayers can elect to write

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Highlights of the 2010 Tax Relief Act

On December 17, the President signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 into law (the 2010 Tax Relief Act, PL 111-312). The major tax components of this important legislation are: A two-year deferral of sunset provisions in three previous tax laws. As a result of this deferral, through 2012: the

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Deductibility of job-search expenses

If you or someone in your family is looking for a new job, you should be aware of the income tax deduction that may be available with respect to job-search costs. Qualifying expenses are deductible even if they don’t result in a new position being offered or accepted. What are job hunting expenses. Expenses of

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Employers may need to track pre- and post 6-30 FUTA taxable wages

Unless Congress takes action soon, the .2% federal unemployment tax (FUTA) surtax will expire effective July 1, 2011. An IRS spokesperson has indicated that if the surtax is not extended, employers will need to separately track FUTA taxable wages paid before July 1, and FUTA taxable wages paid after June 30. Background. Under Code Sec.

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Medical expense deduction for weight-loss program

IRS recently issued new rules that make it easier to deduct the cost of a weight-loss program. This presents an opportunity for tax savings, and in some cases a tax refund, for those who participate in such programs. A weight-loss program is a deductible medical expense only if you participate in the program as treatment

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Higher education expense deduction

You may be able to claim a deduction for the cost of tuition and fees to enroll or attend a college or graduate school for yourself, your spouse, or your dependents, even if the education isn’t employment- or business-related. For expenses paid before Jan. 1, 2010, a married couple filing jointly can deduct up to

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Key Changes in the enacted 2010 Small Business Jobs Act.

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs Act. Enhanced small business expensing (Section 179 expensing). To help small businesses quickly recover the cost of capital outlays, small business taxpayers can

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