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

Sales Taxes Apply Where the Purchaser Lives
Sales tax applies to all taxable sales made within the state where your business is located, regardless of whether the customer made the purchase at your place of business or online. The only exception is in the five states that do not have a sales tax - Delaware, Oregon, New Hampshire, Montana, and ... READ MORE

The Taxes You Must Pay if You Are Self-Employed
Paying taxes is one of the most important obligations involved in running a business. As a small-business owner, you may be responsible for a variety of federal, state, and local taxes, including taxes that are based on the income your business generates. If you are categorized as self-employed by the ... READ MORE

You May Deduct the Payroll Taxes of Your Employees
Running a small business involves keeping up with many legal obligations. Deducting payroll taxes from the salaries and wages of employees is one of these obligations. An employer that fails to collect or pay payroll taxes properly may be subject to significant penalties and fines. Different Types of ... READ MORE

What You Should Know About Net Operating Loss Carryback Rules
Your business can lose money in a tax year for many reasons, including a bad economy or theft or casualty losses. When this occurs, the Internal Revenue Service allows you to use your losses against your income in future or past years for federal tax purposes. ... READ MORE


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Taxation Questions

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This is not a simple question. We would need to konw the details of ownership and loss. We have a tax attorney who is also a CPA. He would have to review the documentation. Ed Dimon, Esq. 732-797-1600 ...Read more

The key is the reason you are receiving the money. If you were injured, there are no taxes. If you are recovering lost wages, there would be taxation. Ed Dimon, Esq

Whether assets received as part of a settlement are taxable or not depends on what they are replacing. For example, if you have a suit that is based on personal injury (physical injury) and on lost wa ...Read more

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Fast Track Settlement Program for Small Businesses & Self-Employed Taxpayer

The Internal Revenue Service (IRS) announced its formal establishment of the Small Business/Self-Employed Fast Track Settlement Program (SB/SE FTS) to provide an expedited format for resolving dispute ... Read more

Do You Have an Outstanding IRS Tax Liability? Is an OIC Right for You?

Contributing Author: Kristine M. Custodio, Advanced Certified Paralegal The first question you are likely asking is what is an Offer in Compromise or OIC? Basically, an OIC is a settlement offer to th ... Read more

Historic Preservation in Kentucky

May 1st marks the beginning of Historic Preservation Month. Kentucky has the fourth highest number of listings on the National Register of Historic Places. In fact there are more than 3,200 historical ... Read more

Why You Should Consider Tax Diversification in Your Retirement

Many people who set aside money for their retirement are focused on the dollar value of their investments. Contributions may be based on calculating what they need to set aside to live comfortably in ... Read more

PIN Rejections While E-Filing

After spending hours of time plugging in numbers on a tax website or using tax-prep software, you are finally ready to submit your return. Before you can submit your return, you are prompted to enter ... Read more

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