For anyone following our blog for the past several months you know it has been our opinion that the Bush tax cuts would be extended. Well that is exactly what happened. More specifically, on December 16, 2010 Congress passed the Tax Relief Act of 2010. What surprised us about the 2010 Tax Bill, however, was [...]
Congress is at it again. Despite the much publicized agreement in principle last week between the President and Republican leaders to extend various tax cuts, the House Democrat leadership has decided to reject the agreement in its current form. Here is the press release from Nancy Pelosi yesterday: “We will continue discussions with the President [...]
In her article “Last-Minute Business Tax Deductions for 2010” Barbara Weltman provides some “crisis” tax planning ideas for those of us that are less inclined to do the proactive tax planning, as recommended by our firm, through out the year. In fairness to all business owners out there, if there were ever an argument to [...]
Congress is up to its annual procrastinating self as usual when it comes to dealing with the Alternative Minimum Tax (AMT). Each year for about the last five years it decides in late November or December whether to increase the AMT exemption or let it revert back to the exemption amount that was in place [...]
Since the midterm elections we have seen a less combative administration. Certainly this is to be expected given the “shellacking” delivered to the current administration. One of the areas where there will be some traction, which previously was unacceptable to the Obama administration, has to do with tax cuts to the “wealthy”. Earlier this year [...]
Normally the due date to file an individual income tax return for calendar year end taxpayers without an extension is April 15th.However the date will be April 18th next year, even though April 15th falls on a Friday in 2011. To find out the reasons why you are getting an extra three days you can [...]
Years ago I taught two programs for Wayne State University entitled Starting a Profitable Small Business and Running a Profitable Small Business. Inevitably one of the most pressing issues for those starting a business had to do with finding the money they needed to kick things off while for those already in business the issue [...]
In the last two months we have a seen a significant number of our clients calling and asking us questions regarding emails that they have received for tax payments that have been rejected. Please be advised that the IRS does not send emails to taxpayers. All of these emails are phising scams and should be [...]
Well the IRS is at it again. Feeling emboldened as a result of the existing administration’s mission to squeeze as much tax out of individuals and businesses as possible, so that it can be redistributed to support those that want to depend on government for their existence, the IRS has announced another round of what [...]
While this seems like an oxymoron this very well could happen. Congress has decided that their jobs are more important than your household budget and has decided to delay voting on extending any part of the Bush tax cuts until after the November elections. The only problem with delaying the vote until late November or [...]
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