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Key Business Changes in the Small Business Jobs Act

The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for businesses. Here’s a brief overview of the tax changes in the Small Business Jobs...

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IRS Announces Increase to Standard Mileage Rate for 2011

The IRS announced today an increase in the standard mileage rate for 2011 due to the increased price of fuel. The revised standard mileage rates are 55.5 cents per mile for business use of an...

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How a Change in 1099 Reporting Will Cause Headaches for Business Owners and...

As part of new legislation passed during 2011, Congress has mandated new reporting for payments made by credit card processors and banks.  This new reporting requirement is sneaking up on the general...

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Recently Enacted Tax Breaks for Small Businesses

Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a...

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1099-K Business Return Reconciliation Eliminated

The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card...

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Fiscal Cliff Calculator

Interested in seeing how various possibilities of next year’s tax rates will affect your pocketbook? The Tax Policy Institute developed this calculator as a tool to help you understand how current tax...

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Congress passes bill to avert Fiscal Cliff

Late on January 1st, 2013 the Senate and House passed H.R.8, the “American Taxpayer Relief Act” (the Act). The Act will prevent many of the tax hikes that were scheduled to go into effect today and...

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IRS Announces Simplified Option for Claiming Home Office Deduction Starting...

The IRS just released the following update about deducting the home office deduction. This will allow eligible home-based businesses to a simplified deduction to deduct up to $1,500; overall this is...

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Prepared for the New Surtax?

As part of Obama Care, we have a new tax beginning in 2013. The official name of this tax is the “Unearned Income Medicare Contribution Tax,” and even though the name implies it is a contribution,...

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Tax Deductions Set to Expire in 2013

Even though many tax breaks were extended or made permanent in 2012, there are a number of tax deductions set to expire 12/31/2013. Here is a list of many of provisions that expire at the end of 2013:...

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