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 | Sep 22, 2010 | 2010 Credits/Deductions, Tax Changes
The Senate passed the Small Business Jobs Act of 2010. The House is set to vote on the bill where its expected to pass.The following provision is included in the Bill…1. One-year extension of the 50-percent bonus depreciation provision for qualified property...
by Renu Vardhan | Aug 6, 2010 | 2010 Credits/Deductions, Health Insurance, Tax Changes, Tax Credits and Deductions
Employer-Provided Health Coverage — Not TaxableStarting in tax year 2011, the Affordable Care Act requires employers to report the value of the health insurance coverage they provide employees on each employee’s annual Form W-2. This reporting is for...
by Renu Vardhan | Aug 3, 2010 | 2010 Credits/Deductions, Homebuyer Credit, Tax Credits and Deductions
Eligible taxpayers who contracted to buy a home, qualifying for the first-time homebuyer credit, before the end of April now have until Sept. 30, 2010 to close the deal.The Homebuyer Assistance and Improvement Act of 2010, signed by the President, extended the closing...
by Renu Vardhan | Jul 30, 2010 | 2010 Credits/Deductions, Required Minimum Distribution(RMD), Retirement Plans, Tax Changes
Beginning in 2010, the rules for conversions of traditional IRA money to a Roth IRA are changing by eliminating the MAGI limitations and hence, making more investors eligible to convert their traditional IRAs to Roth IRAs. However, look before you leap….just...
by Renu Vardhan | Jul 21, 2010 | 2010 Credits/Deductions, Estate tax
Estate tax is repealed for the tax year 2010. So everyone inheriting in 2010 can look forward to a hefty inheritance due to a big estate tax saving.Good things don’t last long and speculations are on that federal estate tax will come back. Only fact unknown is...