Casualty, Disaster and Theft Loss Deduction

Losses incurred because of a casualty, disaster, or theft may be tax-deductible. Casualty and theft losses are reported on Form 4684 and Form 1040 Schedule A. Casualty Loss A casualty is the loss of property (including damage and destruction) because

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Posted in Asset Classification, Casualty Loss, Disaster Loss, Theft Loss

Affordable Care Act 2010 – Tax Provisions

Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. The following is a list of provisions now in effect;

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‘Making Work Pay’ Tax Credit

This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Eligible self-employed taxpayers can benefit from

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Posted in Tax Credit

Recapture 179 Depreciation Expense Deduction – example

Robert purchased a new heavy duty pick-up truck (rated over 6,000 lbs.) for use in his landscaping business. The vehicle is used 100% for business and Robert elected to expense $15,000 of the cost under §179. In 2009, Robert sold

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Posted in Depreciation

Tax Tips for New Business Owners

First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation

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Posted in Business Expense, Tax Problems & Requests, Tax Relief

Tips for Filing Colorado income tax amended returns

ALWAYS use the form that matches the year you are amending. For example, if you are amending a 2009 return, use the 2009 104X form. If you use a form for another tax year, the lines from one tax year

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Posted in Amended Tax Return, Colorado Department of Revenue

Tax Benefits for Job Seekers

Did you know that you may be able to deduct some of your job search expenses on your tax return? If you are searching for a job, you may be able to deduct some of your expenses on your tax

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Posted in Employment Tax, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

IRC 6334 Property Exempt from IRS Levy

(1) Wearing apparel and school books - Such items of wearing apparel and such school books as are necessary for the taxpayer or for members of his family; (2) Fuel, provisions, furniture, and personal effects - So much of the

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Posted in Intent To Levy, Intent To Lien, IRS Collections, IRS Levy

Six Tips for Students with a Summer Job

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working

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Posted in Children, Employee Business Expense, Employment Tax, Family, FICA, Paying Taxes, Payroll Tax Problems, Personal Service Corporation, Self Employ, Small Business, Social Security Tax, Sole Proprietor, Tax Guidance & Preparation

IRS Issues Prohibited Tax Shelter Final Regulations

IRS Issues Prohibited Tax Shelter Final Regulations

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Posted in Abusive Tax Shelter, IRS Enforcement, Paying Taxes, Tax Abuse, Tax Fraud, Tax Guidance & Preparation
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