By admin on November 12, 2011
When donating your car to your favorite charity, the Internal Revenue Service (IRS) wants you to be aware of certain pitfalls. After December 31, 2004, taxpayers planning their charitable giving, donors should understand the way that the American Jobs Creation Act of 2004 will alter the rules for the contribution of used motor vehicles, boats [...]
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By admin on July 4, 2010
The IRS issued the February 14, 2006 Quality Assurance Bulletin (“QAB”) dealing with 401k plan exclusions of part-time, temporary, and seasonal (A.K.A. “part-time”) employees. T
This QAB revolutionizes the way IRS document examiners will look at 401k plan eligibility clauses and warns that inadequately drafted provisions dealing with part-time employees may be disqualifying, regardless of any [...]
Posted in General Information | Tagged 401k, and, attacks, determination, employee, exclusions, irs, is, letter, parttime, useless, your
By admin on September 28, 2009
Looking for an easy way to increase your business deductions? Look no further than your driveway.
First, the general rule: your vehicle is deductible to the extent you use it for business. So, if you drive your car 100% for business, all car-related expenses are deductible.
But if you use it less than 100% for business, do [...]
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By admin on July 23, 2009
If you own a small business, you must understand the basics of business entities and the income tax return requirements for each. Here’s a crash course to get you started. It’s critical that you know what type of entity you have and what type of tax return must be filed. Failure to [...]
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By admin on July 18, 2009
Annually, April 15th is the day Americans are planning to submit their taxes. This is a stressful time for many people. Taxes should be mailed to the service revenues no later than April 15th. If sent after that date, then you could be subject to penalties and fines.
Most people will send their taxes to the [...]
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