Income Tax

Business---Simple-IRA1

April 9, 2015 

IRS Splits Pub. 590 on IRAs: Here’s the Skinny on 590-A

Generally, your deduction for an IRA contribution is phased out if you are an active participant in an employer-sponsored retirement plan (or your spouse is an active participant, if married) and your modified adjusted gross income (MAGI) exceeds an ...

 In Washington State, Retail Marijuana Outlets Slow to Open

April 6, 2015 

In Washington State, Retail Marijuana Outlets Slow to Open

The state is willing to provide a license for any of the lottery winners who meet the state's requirements. It has done so for 131 stores in 28 counties, including at least one retailer in every jurisdiction with an applicant and no moratorium.

 IRS Chief to Ted Cruz: Agency Won’t Simply Go Away

April 6, 2015 

IRS Chief to Ted Cruz: Agency Won’t Simply Go Away

During the announcement of his candidacy for president last month, Cruz kicked off another controversy by advocating the elimination of the IRS. He said that the U.S. could impose a “simple flat tax that lets every American fill out his or her taxes ...

taxes 1  551c044b458b0

April 1, 2015 

10 Things Tax Procrastinators Need to Know

Here are 10 important things the American Institute of CPAs recommends that taxpayers know about getting their federal tax return to the Internal Revenue Service (IRS) by the Wednesday, April 15 filing deadline and about filing for an extension.

fundraise medical expenses 1  551c01edd86ad

April 1, 2015 

Taxpayers May Be Able to Deduct a Relative’s Medical Expenses

Don’t forget to include medical expenses the client pays on behalf of a relative such as an elderly parent in a nursing home or a child who graduated from college last year. Little-known fact: It may be possible to add qualified expenses paid for a ...

businesstax 1  54b425dd4a869

March 31, 2015 

AICPA Recommends Reforms to Business Income Taxes

The American Institute of Certified Public Accountants has sent a letter to the Senate Finance Committee Tax Reform Working Group on Business Income Tax that makes suggestions about how to simplify business income tax.

 How to Maximize Small Business Tax Deductions

March 30, 2015 

How to Maximize Small Business Tax Deductions

According to the Q1 2015 Spark Business Barometer from Capital One, 55 percent of small business owners are very confident they are taking advantage of small business tax deductions, but what about the other 45 percent?