State of Florida will be increase the minimum state unemployment tax rate. The current minimum rate of 0.36% will nearly triple to 1.08%. […]
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Category: Payroll Tax
HIRE ACT
SUMMARY The Hiring Incentives to Restore Employment Act. Businesses can receive two tax incentives for each new worker. To qualify the employee must have been unemployed during the 60 days before beginning their new job or worked fewer than 40 hours during that 60 day period. It applies to anyone hired between February 3rd and December 31st of […]
Work Clothes Deduction
Are Work Clothes a Deduction? Generally yes if they are work clothes or uniforms if required and NOT suitable for everyday use. That deduction would include the cost and upkeep if both requirements are met. If I purchase a nice suit for business, it is not a deduction as it has alternate use. If I am a professional clown […]
Scholarship Count Toward Support?
According to Publication 17, “A scholarship received by a child who is a full-time student is not taken into account in determining whether or not the child provided more than half of his or her own support.” […]
Breast Implants – Deductible Medical Expense?
No. They are considered cosmetic. But what if they are implanted in conjunction with a deductible procedure? Tax Court Case O’Donnabhain (2010), 134 TC No. 4 The Tax Court has held that an individual could deduct as a medical care expense under Code Sec. 213 amounts paid for hormone therapy and sex reassignment surgery that were incurred […]
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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 […]
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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 […]
Residential Energy Property Credit
Residential Energy Property Credit for Air Conditioning and Heating, Insulation, Exterior Windows….it’s n/a for 2008, yes for 09 and 2010 IF it meets certain criteria….not just any replacement ac qualifies……must be energy efficient and be manufacturers certified….(new requirement and frankly it’s about time—there was too much unknown to the accoutants who had to research and research […]
Sales Tax Deduction
There is a sales tax deduction for sales tax paid on major items such as cars, trucks, airplanes, (this includes leasing of the vehicle) motor homes, mobile or pre-fab homes… and improvements to your home (think bricks and mortar, not cosmetics, not large TV’s, not fans, not appliances).. best examples are tile floor, wood floor, […]
Mileage Deduction – what about driving to the office?
Driving from home to your first place of business (notice I did not say office) is not deductible. From home if you visit a client first, no deduction (first place of business) but to the next place of business (office or another client) is deductible. From your last place of business home (again, notice I […]
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