A self-employed individual expects to pay taxes on profits from their business. Unfortunately, [...]
Due to outrageous gas prices, the IRS will increase mileage rates for the [...]
If your business makes sales in Stark County, Ohio, please take note of [...]
If you work in an occupation where you receive tips, they are considered [...]
The Home Stretch. Finally, the end of tax season 2010 is in sight. It's the end of gathering and sorting through mountains of paperwork looking for tax forms and tax deductions. And just in time for spring, many clients are leaving the office with visible signs of relief knowing they are done with tax filings. But if you have not yet filed your taxes, there are a few due dates and payment arrangements you could find helpful.
Former Central Ohio television news anchor, Anietra Hamper, lost her deduction for business clothing in tax court (Hamper, TC Summ. Op. 2011-17). The tax court ruled that regardless of her wearing certain attire only on TV, such items were not consistent with the definition of ordinary and necessary use for business the services uses for what is an allowable deduction. Hamper claimed her employer required her to maintain a professional appearance and to keep abreast of breaking news events as good reason for the deduction.
Last week the Internal Revenue Service (IRS) announced that the upcoming tax season [...]
With the enactment of the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010”, the Bush-Era tax cuts have been extended for two years. The act includes, among many other items, estate tax relief, a two-year “patch” of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses.
Beginning on Jan. 1, 2011, the standard mileage rates for the use of [...]
Effective January 1, 2011, subject to limited exceptions, owners of property who receive rental income will be required to issue Forms 1099 to service providers (such as a plumber, painter, or accountant) for payments of $600 or more during the year. This was part of the recently enacted Small Business Jobs Act.