Are you recently married? If you are, congratulations! These good wishes are not just from your friends at Patrick & Robinson, but also the IRS. It offers some helpful tips for newlyweds to make filing your 2010 joint return smoother next year: If you changed your name, be sure to notify the Social Security Administration. [...]
Maybe you read Friday’s article in the Florida Times-Union. (If you’re not in Jacksonville you can read the article online at http://jacksonville.com/business/2010-08-19/story/health-care-tax-credit-help-small-business.) Kevin Turner gave an overview of how the government’s Affordable Care Act will affect small businesses, using information provided by Mark Patrick. For more information on how your small business can benefit from this incentive, see our [...]
Most people see the IRS as the “bad guy”– the agency that takes away all their money. If you paid more than you owe, though, the IRS turns into the “good guy”–willing to give your money back. Here are some things to consider about your potential refund: If taxes were withheld from your wages but [...]
If you are in a position of leadership for a not-for-profit organization, have you verified whether or not it’s following the latest IRS rules? If it isn’t, the IRS is providing time for a make-up. Some quick background: The IRS had approved so many not-for-profit organizations that tracking whether or not taxpayers’ donations were truly [...]
One of the frustrating complexities on a personal tax return is making interest expense deductible. The current law comes from the revision to the Internal Revenue Code in 1986. Essentially, you should manage four categories of interest to ensure you’re maximizing your qualifying deductions: Home mortgage interest This interest is incurred on the primary residence, [...]
In our series of recent blogs we mentioned that prudent taxpayers should prepare themselves for laws that may make it into next year: the one pending for 2013 and the one which may survive the current partisan Congress this year. Use these ideas to plan your strategy: Consider accelerating capital gains and dividend income into [...]
In this segment of our “Multiyear Tax Planning” series we’ll start preparing you for the “medicine” you’ll be required to take as the tax increases passed with the new health care law become effective. In 2013 expect an extra 0.9% levy on wages for couples with “adjusted gross incomes” [AGI] above $250,000 ($200,000 for singles) [...]
Welcome to the first in a series of discussions about why tax planning really shouldn’t be done one year at a time. After you read this series over the next few weeks, you’ll arrive at the same conclusion we learned years ago: tax planning is no longer a single-year exercise! We had already recommended a [...]
Earlier in the year, you may have read that employers who hire unemployed workers between February 3, 2010 and January 1, 2011 may be eligible for a payroll tax credit. (If you missed it, see the “Implementing the Hiring Incentives to Restore Employment Act” blog.) If you are a qualified employer (household employers don’t count) [...]
You may have heard the IRS is increasing its audits of business tax returns—it’s true. But implementing some simple standard business practices will better prepare you if your business is audited: Deposits First, expect the IRS to assume all deposits into your business bank account are income. Most probably are, but you may have deposited, [...]
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