In a nod to higher gas prices, the IRS has increased the business mileage rate deduction to 55.5 cents per mile. The new rate becomes effective July 1 and raises the rate 4.5 cents. The deduction for medical and moving expenses also increases 4.5 cents to 23.5 cents per mile. (more…)
If your NCAA college basketball bracket brought you some winnings, remember that your earnings count as taxable income, and you’ll need to report it when you file your 2011 taxes. (more…)
If you took advantage of last year’s law change allowing you to convert your IRA to a Roth IRA, you face a big all-or-nothing tax payment decision on April 18: pay the taxes on your pretax contributions and gains in 2010, or split the tax bill between 2011 and 2012. (more…)
Everyone wants to know what tax legislation Congress will approve in the coming months. In reality, Congress has little incentive to act on anything ahead of the November mid-term elections other than what to do with the expiring Bush tax cuts. At the risk of quickly being outdated, here are my predictions on some of the most commonly discussed tax legislation provisions. (more…)
Fidelity Investments recently announced that the number of workers borrowing against their retirement accounts has reached a 10-year high. Given the financial stress that many workers face today, the numbers are not that surprising, but the long-term consequences can be. (more…)
Although R & D tax credits expired at the end of last year, Congress has made a few attempts to continue them by passing an extenders bill. So far, those attempts have not been successful, but most tax experts believe R&D credit will be passed and that Congress will make the tax breaks available for 2010.
Click here to learn more about R&D credits and how they can help your business.
The U.S. Department of the Treasury estimates that, between February and May, businesses hired 4.5 million workers who had previously been unemployed for eight weeks or longer. As a result, those businesses are eligible to receive part of up to $8.5 billion in tax exemptions and credits through the Hiring Incentives to Restore Employment Act, known as the HIRE Act. (more…)
Businesses could see significant changes in how they report transactions on 1099 forms, thanks to a provision in the Patient Protection and Affordable Care Act. (more…)
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