Here's a snapshot of what you must do to steer clear of trouble with the IRS when you hire someone to take care of your children in the home. The trouble is that not paying the "nanny tax" is … [Read more...] about “Nanny Tax” Considerations
Fiscal Cliff Tax Planning
What is the fiscal cliff? From a tax perspective, it is the expiration of more than 50 temporary tax provisions (extenders), the expiration of the Bush 2001/2003 tax cuts, the expiration of the … [Read more...] about Fiscal Cliff Tax Planning
Child Care Tax Considerations
A taxpayer can claim a nonrefundable child and dependent care tax credit if someone is paid by the taxpayer to watch his under-age-13 dependent child or children (who are eligible to be claimed as … [Read more...] about Child Care Tax Considerations
Form W-2 Reporting of Employer-Sponsored Health Care
Employees may be surprised to a new item reported on their 2012 W-2s. Beginning with the issuance of 2012 W-2s, the employer is required to report the value of health care coverage … [Read more...] about Form W-2 Reporting of Employer-Sponsored Health Care
Vehicle Depreciation and Deductions
If you use your vehicle in pursuit of a trade or business, you may be allowed to deduct the ordinary and necessary expenses incurred while operating the vehicle. However, any expenses associated with … [Read more...] about Vehicle Depreciation and Deductions
IRS WARNS TAXPAYERS ABOUT PHONEY IRS WEBSITES
The IRS is warning taxpayers about scams that involve websites that mimic the IRS e-Services online registration page. Apparently, taxpayers are being contacted and told to register on the IRS … [Read more...] about IRS WARNS TAXPAYERS ABOUT PHONEY IRS WEBSITES