What is a SEP? A SEP is a simplified employee pension plan. A SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if self-employed, their own retirement. Contributions… Read More »Simplified Employee Pension Plan
Student Loan Interest Deduction 2009 For 2009, the amount of the student loan interest deduction is phased out (gradually reduced) if your filing status is married filing jointly and your modified adjusted gross income (AGI)… Read More »Education-Related Tax Changes
For 2009, qualified individuals with small businesses may be eligible to make smaller estimated tax payments. If you qualify, your required annual payment for 2009 is the smaller of 90% of the tax shown on… Read More »Decreased Estimated Tax Payments for Qualified Individuals With Small Businesses
The following paragraphs explain the changes to the credit for 2009. Amount of credit increased. The maximum amount of the credit has increased. The most you can get for 2009 is: $3,043 if you have… Read More »Earned Income Credit – 2009 Changes
Adoption Benefits Increased For 2009, the maximum adoption credit has increased to $12,150. Also, the maximum exclusion from income for benefits under your employer’s adoption assistance program has increased to $12,150. These amounts are phased… Read More »Child-Related Tax Changes
Any economic recovery payment you receive during 2009 is not taxable. These $250 payments are being made to most people who: Receive social security benefits, supplemental security income (SSI), railroad retirement benefits, or veterans disability… Read More »Economic Recovery Payment
The following changes to the AMT went into effect for 2009: AMT exemption amount increased. The AMT exemption amount has increased to $46,700 ($70,950 if married filing jointly or qualifying widow(er); $35,475 if married filing… Read More »Alternative Minimum Tax (AMT) – 2009 Changes
If you pay your income tax (including estimated tax payments) by credit or debit card, you can deduct the convenience fee you are charged by the card processor to pay using your credit or debit… Read More »Deduction for Credit or Debit Card Convenience Fees
What You Must Know Before You File an Offer in Compromise Do You Qualify for an Offer in Compromise? How to File an Offer in Compromise An offer in compromise (OIC) is an agreement between… Read More »What is an Offer in Compromise?
In 2009, you can deduct the state or local sales and excise taxes imposed on the purchase of a qualified motor vehicle after February 16, 2009, and before January 1, 2010. A qualified motor vehicle… Read More »Deduction for Sales and Excise Taxes Imposed on Purchase of New Motor Vehicles
Fringe Benefits – Manufacturing Tax Tips What is a fringe benefit and how does it affect my taxes? Inventory – Manufacturing Tax Tips How do I value my inventory? Excise Taxes – Manufacturing Tax Tips… Read More »Manufacturing Tax Tips
With 2009 nearly half over, the Internal Revenue Service reminds individual taxpayers there is no better time to check their 2009 federal income tax withholding levels to make sure they do not face any surprises… Read More »Check Withholding to Avoid a Tax Surprise