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Top 5 tips for filing a clean tax return

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Tax Benefits for Parents

[box type="shadow"]Reflect on the following tax benefits that your child (dependent) may help you qualify for when filing your tax returns this year. 1. Child Tax Credit: For each child under the age of 17, take this credit on your tax return. There is also the Additional Child Tax Credit if you do not qualify [...]

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Starting a New Business?

[box type="shadow"]Starting a business is a big step that involves making financial decisions and going through many legal activities. Some steps and tips to help you plan, prepare, and start your own business: 1. Determine which business entity you want to form: a. Sole proprietorship – an individual who owns an unincorporated business by himself/herself. [...]

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For Business Profit, Low Tax is Essential

[box type="shadow"]Corporate income tax is strange. For every dollar a company makes, they pay a certain tax percentage. For some, it is a big lost but for other companies, it is a big gain. Instead of focusing on the company themselves, some companies use the tax system to increase their profits. Some companies move their [...]

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President Obama Wants Changes to the Tax Code and Lower Corporate Tax Rates

[box type="shadow"]During President Obama’s State of the Union Address on January 25, he called for change in the Tax Code to make it simpler to the public, take out loopholes, and level the competitiveness; he also called for the savings generated from this action to lower the corporate tax rate. “Over the years, a parade [...]

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Looking for Past Tax Information from the IRS?

[box type="shadow"]If you are hunting for a certain prior year’s tax return information and can’t find it in your files, the IRS can help. You can request a free copy of your federal tax return information on the web at IRS.gov, by calling 800-908-9946, or by mail with a complete IRS Form 4506T-EZ. If you [...]

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Social Security Tax Cut 2011

[box type="shadow"]The Social Security tax cut for 2011 is due to the 2010 Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act. This new tax cut will leave a 2% cut in payroll taxes for employees and reduces 2% of the employee contribution to Social Security tax. Please note from IRS Notice 1036: 1. Employer [...]

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Review of Burdensome Government Regulations Proposed by President Obama

[box type="shadow"]On January 18, 2011, President Barack Obama signed an executive order for a review of regulations and asked federal agencies to take less heavy approaches to rules to support economic growth and create jobs while protecting the public interest. On the Wall Street Journal, Obama says, “rules have gotten out of balance, placing unreasonable [...]

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Your Tax Refund in a Debit Card

[box type="shadow"]The U.S. Treasury Department has come up with a cost effective way for people with tax refund checks but no bank accounts. According to NPR.org, nine million U.S. households, 1 out of every 13 households, do not have a bank account. Without waiting for weeks for the tax refund check in the mail and [...]

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Small Business Tax Breaks

[box type="shadow"]Due to the Small Business Jobs Act passed in September 2010, business owners of the 2010 tax return will have six major changes in the tax code for new credits and deductions: 1. Health care tax credit: Small businesses with 10 or fewer full-time employees with an annual wage that averages $25,000 or less [...]

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