What Does the Small Business Health Insurance Tax Credit Mean for Your Business in 2010?
For tax years beginning after December 31, 2009, this tax credit is provided to eligible small employers (ESEs), who are employers with no more than 25 full-time employees (FTEs) employed during the tax year. These FTEs are defined as employees having annual full-time equivalent wages that average no more than $50,000. The full credit is [...]
Technology evolves as the IRS continues its paperless quest
Banks are beginning to post notices that they no longer are going to accept Federal Tax Deposit Coupons, or what small businesses may know as Form 8109-B for tax payments. The Treasury Department has abandoned the paper coupon system and will force businesses and individuals to make tax payments via the Electronic Federal Tax [...]
Small Business Jobs Act benefits more than just small businesses
The Small Business Jobs Act of 2010 (SBJA) has just been passed by Congress, and it benefits more than just small businesses. It also provides tax-saving opportunities for larger businesses and individuals — including small-business investors, the self-employed and employees saving for retirement. Changes affecting businesses Section 179 expensing. SBJA helps small-business owners invest in [...]
Do you need to file an estate income tax return (Form 1041)?
Although there is no federal estate tax due in 2010, there is no tax relief from the income tax return for the estate. In the year a person dies, a final personal tax return (Form 1040) is required if: 1) the gross income of the decedent exceeds the sum of the standard deduction plus the [...]
Intensified Small Business Expensing, Is It Time To Buy?
The Small Business Jobs Act (the Act) of 2010 provides for significantly faster cost recovery of business property purchases (machinery, equipment, and certain software). Under the new law for tax years beginning in 2010 and 2011 the $250,000 expensing limit is increased to $500,000 and the purchase amount of property placed in service is increased [...]
