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Dear Valued Client,
New regulations were recently issued to implement a new Patient's Bill of Rights as part of the Health Care Reform Act. With so many taxpayers being impacted, an important article has been provided that covers the major initial provisions.
If you would like more information on the topics covered in this edition, please call this office for an appointment.
Tax Pro Plus
New regulations were recently issued to implement a new Patient's Bill of Rights as part of the Health Care Reform Act. With so many taxpayers being impacted, an important article has been provided that covers the major initial provisions.
If you would like more information on the topics covered in this edition, please call this office for an appointment.
Tax Pro Plus
New Regulations Provide More Insight to Health Care Reform
The Departments of Labor, Treasury and Health and Human Services recently issued regulations to implement a new Patient's Bill of Rights as part of the Health Care Reform Act.
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Flipping Homes – A Reviving Trend in Real Estate
Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again.
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Nine Tips on the 10 Percent Tax on Tanning Services
Starting July 1, 2010, many businesses offering tanning services must collect a 10 percent excise tax on the tanning services they provide. This excise tax requirement is part of the Affordable Care Act that was enacted in March 2010.
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Small Businesses Expenses 101
For small business owners, tax breaks often come in the form of tax deductions – which can offer a nice little instant cash savings – if you know how to navigate tax law and claim the deductions you deserve (not what you believe you are entitled to).
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Worker Misclassification Under Congressional Scrutiny
A Congressional research report titled “Tax Gap: Misclassification of Employees as Independent Contractors,” focused on the tax gap created by misclassifying workers as independent contractors rather than employees and the problems associated with enforcing proper classifications.
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Maximizing Medical Deductions Before 2013
Medical expenses are deductible if you itemize your deductions. However, there is a limit on how much of those medical expenses you can deduct based upon your income for the year. Currently only medical costs that exceed 7.5% (10% if you are subject to the alternative minimum tax) of your adjusted gross income (AGI) can be deducted.
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Homebuyer Credit Closing Deadline Extended to September 30, 2010
The deadline for the completion of qualifying First-Time Homebuyer and Long-Term Homeowner Credit purchases has been extended. Taxpayers who entered into a binding contract before the end of April now have until September 30, 2010 to close on the home.
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Do You Qualify for an Offer in Compromise?
The objective of the IRS’ Offer in Compromise (OIC) program is to accept an offer for less than the amount of tax that’s owed when it is in the best interest of both the taxpayer and the government and promotes voluntary compliance with all future payment and filing requirements.
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Thinking of Making Home Improvements?
There is currently a 30% tax credit (maximum $1,500 for the combined 2009 and 2010 tax years) for certain home energy-saving improvements. That credit expires at the end of 2010. Examples of qualifying improvements include high-efficiency heating and AC systems, energy-efficient windows and skylights, energy-efficient doors, qualifying insulation and certain roofs also qualify for the credit. Call this office for details.
Take a Vacation From Long-Term Financial Concerns: Use Budgeting Tools of QuickBooks
If your summer vacation is filled with worry over what’s happening back at the office, you can ease that anxiety by using one of QuickBooks’ budgeting tools. This powerful feature can provide insight on how wisely you’re managing your income and expenses.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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