FREE NEWS ALERTS
A free, comprehensive news service to keep small businesses and independent contractors posted on the latest tax developments affecting their operations.

Latest Tax News as of

Small Business Tax Relief Caught in Partisan Congressional Cross-fire
Legislation that would provide more than $12 billion in various tax breaks for small businesses was blocked in the Senate as of press time, as partisan sniping...
Various Obama Budget Provisions Could Help, Hurt Small Business
The Joint Committee on Taxation released a study of President Obama’s fiscal year 2011 budget proposals and explained the possible harmful and beneficial effects...
Bipartisan Proposal Aims to Permanently Reform Estate Tax
The federal estate tax made it onto many sports pages recently with the sudden death of New York Yankees owner George Steinbrenner, the timing of which has...
Congress Extends Closing Date for Homebuyer Tax Credit
Homebuyers that signed a purchase agreement by April 30 now have until the end of September to close on the deal and still quality for the federal homebuyer...
Intentionally Defective Trust Helps a Hurried Estate Plan
A long-time reader, we’ll call him “Mr. Courage,” for a reason soon to be revealed, called and asked me to do his estate plan… quickly. “Why quickly?” I asked. He replied...
Sole Proprietors May Be Hit With Paperwork Landslide in 2012
Some 40 million taxpayers will be subject to new paperwork requirements next year, including the estimated 26 million who run sole proprietorships, according...
Only Principal Residence Gain On Home Sales Can be Excluded
The U.S. Tax Court ruled last month that capital gains received from the sale of a house cannot be excluded from taxable income unless the taxpayers owned...
IRS Establishes Fee for Tax Preparers
The IRS in July released proposed regulations that would establish a fee for individuals who apply for a preparer tax identification number, or PTIN. Proposed regulations...
Ask the Experts
Question: I am self-employed. How do I report my income, and how do I pay Medicare and Social Security taxes? The IRS: Your self-employment income is reported...
August Tax Calendar

Tax Issues In-depth

Business Type – Overview 101
There is no one legal structure that’s best for all small businesses. Whether you are better off beginning as a sole proprietor or choosing one of the more complicated organizational structures such as partnership, corporation...
Depreciation – Depreciable And Amortizable Assets #101
Depreciation is an annual income tax deduction that allows you to recover the cost or other basis of certain property over the time you use the property. It is an allowance for the wear and tear, deterioration, or obsolescence of the property...
Business Type - Corporation #104
One of the main advantages of incorporating is that the owner’s personal assets are protected from creditors of the corporation because the corporation is considered a separate legal entity. Although a corporation usually has more than one owner, it is possible for...
Expenses – Deductible Insurance Expenses #108
Generally, you may deduct the ordinary and necessary cost of insurance as a business expense if it is for your trade, business or profession. However, in some circumstances, you might have to capitalize certain insurance costs under the IRS’ uniform capitalization rules...
Type of Taxes – Accumulated Earnings #115
If you’re planning to start up a business and wondering whether to choose the structure of a limited liability corporation (LLC) or a corporation, you may want to consider the following tax treatment of accumulated earnings, which applies to corporations but not to...
Taxes on Mortgage Debt Forgiveness #110
The economic downturn left hundreds of thousands of homeowners underwater, and current efforts to minimize losses include measures that forgive portions of the outstanding mortgage debt. A law passed in 2007 makes debt forgiven on primary mortgages...
Advisory Services – Types of Financial Planners
Less than 20 percent of all American households have a tax adviser or a personal financial planner. Why? It can be daunting to entrust your financial future to a stranger. And it’s tough knowing where to turn for help. Here we use the term “financial adviser” to cover all...

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