In 2015, major tax provision changes will take place due to Obamacare. These changes will impact employers, pharmaceutical manufacturers and those in other health related industries. This blog will serve as a business tax guide to the key provisions of Obamacare. Health Insurance Tax Credit for Small Businesses: In 2015, a company with less than […]
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Fewer Households Paying No Federal Income Tax
A new analysis from the Tax Policy Center predicts that the number of households who aren’t paying any federal income tax has dropped. It seems fewer households are paying no federal income tax. The analysis further projects that this percentage will continue to decrease in the coming years due to the expiration of provisional tax cuts […]
Business and Personal Tax Tips to Lower You’re Tax Bill
Here are some easy and basic ways to lower your tax bill. These are both business and personal tax tips. Claiming Rents and Personal Housing Occasionally people rent out individual rooms in their house while living there themselves. While you can normally take a simple rent deduction when you have a renter, it becomes much […]
Business Tax News: Group Advocates Closing Corporate Tax Loopholes
A coalition named Americans for Tax Fairness (ATF) has recently held events in sixteen states for the purpose of pressuring Congress to close corporate/business tax loopholes. It is their premise that removing the ambiguities in the corporate tax code will help to prevent impending budget cuts to vital services and benefits. The ATF, which has […]
IRS Curtails Late S Corp Election
The Internal Revenue Service has recently consolidated the procedure for requesting relief for businesses that make late elections to become S corporations. The new streamlined relief comes in the form of Revenue Procedure 2013-30 which was drafted by David Kirk and published earlier this month. This new procedure combines the provisions of several existing […]