by Renu Vardhan | Jan 12, 2011 | 2010 Credits/Deductions
Generally, small business owners may not deduct the cost of health insurance when calculating self-employment tax. Under the Small Business Jobs Act, and subject to specific statutory limitations (i.e. deduction is not available if self-employed individual is eligible...
by Renu Vardhan | Dec 27, 2010 | 2011 Tax Updates, Tax Due Dates
Tax filing that normally would start first or second week of January has been delayed this year. The delay is to update and program the tax breaks included in a compromise tax bill President Obama signed last week into the IRS tax system. People claiming any of these...
by Renu Vardhan | Dec 27, 2010 | 2011 Tax Updates
Following inflation adjustments relate to the tax provisions that were either modified or extended by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 that became law on Dec. 17 -Personal & Dependent Exemption increased to...
by Renu Vardhan | Dec 27, 2010 | HSA FSA
Notice 2010-59 issued by the IRS on September 3rd, 2010 provides guidance on use of HSA & FSA accounts to pay for over-the-counter medicines and drugs.As per the rules, beginning January 1, 2011, over-the-counter medicines and drugs will only be reimbursable from...
by Renu Vardhan | Sep 28, 2010 | Tax Administration
All compensated tax return preparers are required to register under the new registration system and get a PTIN before preparing returns in 2011. Individuals who currently possess a PTIN will need to reapply under the new system but generally will be reassigned the...