-
Work for Pay Credit – How much did you receive?
This credit is available in 2009 and 2010. According to IRS instructions, taxpayers who received the $250 economic stimulus payment in 2009 (Social Security recipients, SSI, railroad retirement and Veteran’s Disability or Pension benefits) must reduce the Form 1040 credit by this amount. The math is simple BUT we forsee a few problems. Since the…
-
Work for Pay Credit 2009 & 2010
Depending on your AGI (Adjusted Gross Income – that is the bottom line of the first page of your personal Form 1040), you may be eligible for a $400 credit ($800 if married filing joint). For 2009, if your filing status is Single, Head of Household or Married filing separate, the phase out of the…
-
LLC to be taxed as a Corporation?
Until you know you are going to stick with it (no offense, many clients try stuff and change their mind), I would not consider the extra paperwork involved with having the NEW LLC taxed as a corporation. You can find more information on our website for Sub S Corporations www.USATaxHelp.com and also the why you…
-
Tax-Exempt Organizations must file Form 990 TIMELY
Per IR-2010-010 the Pension Protection Act of 2006 REQUIRES a non-profit organiztions that does not file the necessary information form for three consecutive years to AUTOMATICALLY lose their Federal tax-empt status. This has been in effect since January 1, 2007. ENUF SAID! Contact us for more info at USATaxHelp.com […]Read More… from Tax-Exempt Organizations must file Form 990 TIMELY
-
Domestic Production Deduction in 2010
The deduction increases to 9% in 2010, up from 6%. […]Read More… from Domestic Production Deduction in 2010