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Tax Articles

Husband and Wife Business

One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees. How spouses earn Social Security benefits A spouse is considered an employee if there is an employer/employee type of relationship, i.e., the first spouse substantially…


Small Business Health Care Tax Credit Summary with examples

The new health reform law gives a tax credit to certain small employers that provide health care coverage to their employees, effective with tax years beginning in 2010. The following questions and answers provide information on the credit as it applies for 2010-2013, including information on transition relief for 2010. An enhanced version of the…


Foreign Earned Income Exclusion

Five important facts about the exclusion: The Foreign Earned Income Exclusion United States Citizens and resident aliens who live and work abroad may be able to exclude all or part of their foreign salary or wages from their income when filing their U.S. federal tax return. They may also qualify to exclude compensation for their…


IRS Audit Red Flags

The IRS has a computer program that targets certain tax returns for closer examination. It’s called Discriminant Inventory Function System (DIF) and it means that some deductions and credits are more likely to attract the government’s attention than others. Some of these may include: Business Use of Your Car Home Office Deductions High Itemized Deductions…


Disqualified Employment Tax Levy

Ack NAEA Generally, the IRS must advise taxpayers of its intent to levy or seize property before doing so. Taxpayers, in turn, have the right to appeal IRS’ intent to levy through a request for a collection due process hearing. Both of these subjects are treated in Internal Revenue Code (IRC) Sections 6320 and 6330.…


Farm Income and Deductions

If you are in the business of farming, there are a number of tax issues that you should consider before filing your federal tax return. Crop Insurance Proceeds You must include in income any crop insurance proceeds you receive as the result of crop damage. You generally include them in the year you receive them.…