Here are all the articles I've written about Income tax. Enjoy!

April 14th, 2011

Gimme a break!

One reason to dislike the IRS a little less:   The IRS is giving everyone THREE extra days (wahoo!) to file your 2010 taxes.

If you’ve been putting off preparing your taxes until the last minute, you have until Monday, April 18th to get it done.

No, the IRS is not just being generous.   The mini-extension comes thanks to Emancipation Day, a Washington DC holiday that celebrates the freeing of slaves in the District.

And you thought the IRS was just giving you a break!

 

 

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April 22nd, 2010

Small Businesses: How To Claim Your Health Insurance Premium Tax Credit

Questions abound!   Here’s an answer:

HOW TO CLAIM THE TAX CREDIT

How does an employer claim the tax credit? The credit is taken on the annual tax return. The IRS will provide information on how tax-exempt employers can claim the new credit.

Does taking the tax credit affect an employer’s deduction for health insurance premiums? Yes. The amount taken for the tax credit must be subtracted from the deduction.

May an employer reduce employment tax payments during the year in anticipation of the tax credit? No. The credit applies against income tax, not employment tax (i.e. withheld income tax, social security tax, and Medicare tax).

See more FAQs so that you get the most out of your money!

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