Business Taxation

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New Tax Laws for 2013
At the beginning of 2013, President Obama signed the American Taxpayer Relief Act of 2012, averting the dreaded “fiscal cliff” and making significant changes to U.S. tax law. While the top one percent of taxpayers will bear the biggest burden, the new law will affect most U.S. families in one way ... Read more

Commercial Property Tax Depends on the Type of Business you Operate
Property tax is a tax that is imposed on owners of real estate, including both business owners and residential homeowners. Some governments tax certain types of personal property as well.Since commercial property tax is based on state law rather than federal law, tax rates and calculation methods depend ... Read more

How Business Tax Credits Can Help You
The Internal Revenue Service (IRS) offers dozens of tax credits that apply to small businesses, some of which are more popular than others. A tax credit will save you more than a tax deduction. Whereas you subtract a deduction from your taxable income, you subtract a credit directly from your total tax ... Read more

Nanny Taxes and Taxes for Other Household Workers
Nanny taxes don't apply only to the nanny who cares for your children. The term covers all household help, such as gardeners, housekeepers, and anyone else who works in your home under certain conditions. If you pay a worker more than $1,800 a year (in 2012) you may have to address the issue of nanny ... Read more

Reduce Business Tax Expenses with These Tax Deductions
The Internal Revenue Service (IRS) offers many opportunities for small businesses to write off various types of business expenses. These tax deductions are designed to make it easier for small businesses to operate and to encourage investment. A tax deduction differs from a tax credit. A deduction is ... Read more

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Taxation Questions

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Generally speaking and assuming no other issues, the IRS will generally consider offers in compromise and installment payment plans.

You need to determine the fair market value of the property at the time you inherited it (generally, this means the date of death of your late husband, if he was the owner of the property). That is th ...Read more

You're on the right track, to stop the tax sale you can either pay off the balance or enter into an installment payment plan.  Usually, they want a 25% deposit.

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Which depreciation method is best for your business?

When you purchase assets and use them in your business, you have several options for deducting the cost. For example, you may choose to write off the full cost using Section 179, an alternative that l ... Read more

Do I have to report alimony payments I’ve received on my taxes?

As with most legal questions, there is a short and simple answer to this question and a longer, more in-depth answer. The short answer is yes. Like other funds, alimony must be reported on federal tax ... Read more

Do I have to report alimony payments I’ve received on my taxes?

As with most legal questions, there is a short and simple answer to this question and a longer, more in-depth answer. The short answer is yes. Like other funds, alimony must be reported on federal tax ... Read more

NEW LAW ALTERS FBAR FILING DEADLINE

Recent changes to the law have altered the due date of FinCen Report 114, a form commonly referred to as the FBAR.  The Surface Transportation and Veterans Health Care Choice Improvement Act of 2 ... Read more

2104 Year End Tax Highlights

By Elizabeth L. Mathieu. Esq.

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