Cost Segregation is a VERY BENEFICIAL tax angle used by real estate owners to ACCELERATE DEPRECIATION deductions. In the past it was primarily used by large accounting firms and larger clients. The ability for smaller building owners to utilize these techniques is now becoming popular. It takes an engineering study and an accounting firm that […]
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 […]
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 […]
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Domestic Production Deduction in 2010
The deduction increases to 9% in 2010, up from 6%. […]
ROTH IRA in 2010
Some confusion out there about Roth changes. The following are effective in 2010…. The tax that has to be paid when you CONVERT a REGULAR IRA to a ROTH IRA can be paid either all in 2010 all in 2011 OR 1/2 in 2011 and 1/2 in 2012 Additionally, the limits on Roth contributions do not […]
Annual Minutes do NOT need to filed with State of Florida
CONSUMER ALERT! Please be aware that COMPLIANCE SERVICES (not to be confused with the Florida corporation, Compliance Services, Inc.) is mailing notices to new business entities wanting “Annual Minutes” and a fee of $125. be paid for filing. These notices are NOT from the Dept. of State, Division of Corporations. “Annual Minutes” are NOT required […]
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Fictitious Name in Florida
NEW LAW! Effective July 1, 2009, the intention to register a fictitious name must be advertised at least once in a newspaper in the COUNTY in which the principal place of business will be located. Your local newspaper should be contacted for advertising information. […]