Simplified Employee Pension Plan
What is a SEP? A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified
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Education-Related Tax Changes
Student Loan Interest Deduction 2009 For 2009, the amount of the student loan interest deduction is phased out (gradually reduced)
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Decreased Estimated Tax Payments for Qualified Individuals With Small Businesses
For 2009, qualified individuals with small businesses may be eligible to make smaller estimated tax payments. If you qualify, your
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Earned Income Credit – 2009 Changes
The following paragraphs explain the changes to the credit for 2009. Amount of credit increased. The maximum amount of the
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Child-Related Tax Changes
Adoption Benefits Increased For 2009, the maximum adoption credit has increased to $12,150. Also, the maximum exclusion from income for
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Economic Recovery Payment
Any economic recovery payment you receive during 2009 is not taxable. These $250 payments are being made to most people
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Alternative Minimum Tax (AMT) – 2009 Changes
The following changes to the AMT went into effect for 2009: AMT exemption amount increased. The AMT exemption amount has
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Deduction for Credit or Debit Card Convenience Fees
If you pay your income tax (including estimated tax payments) by credit or debit card, you can deduct the convenience
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What is an Offer in Compromise?
What You Must Know Before You File an Offer in Compromise Do You Qualify for an Offer in Compromise? How
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Deduction for Sales and Excise Taxes Imposed on Purchase of New Motor Vehicles
In 2009, you can deduct the state or local sales and excise taxes imposed on the purchase of a qualified
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Manufacturing Tax Tips
Fringe Benefits – Manufacturing Tax Tips What is a fringe benefit and how does it affect my taxes? Inventory –
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Check Withholding to Avoid a Tax Surprise
With 2009 nearly half over, the Internal Revenue Service reminds individual taxpayers there is no better time to check their
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Forming a Partnership
The following sections contain general information about partnerships. Organizations Classified as Partnerships An unincorporated organization with two or more members
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Estimated Taxes
Estimated tax is the method used to pay tax on income that is not subject to withholding. This includes income
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Seven Facts about the New Sales Tax Deduction for Vehicle Purchases
Taxpayers who buy a new car or several other types of motor vehicles this year may be entitled to a
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