Despite calls for simplifying the tax laws, they have actually been made much more complicated in the last few years. Year after year, there have been numerous tax changes that even some professionals have a tough time keeping up with. This filing season is no different. The 2010 Form 1040 reflects a number of new [...]

Certain building reconstruction, renovation and restoration can help you receive tax credits, but it does not, however, include enlargement or new constructions. Up to 20% of cost for certified historic structures or 10% for buildings in service before 1936 may be taken as credit.
Disaster areas
The credit is temporally increased for property located in specific disaster [...]

The Enactment of the HIRE Act on March 19, 2010 provided employers hiring the unemployed with much needed tax breaks. Employers are eligible for tax credit under the following conditions:
a. Hired a certified employee who has not worked for a total of 40 hours prior to the 60-day period he/she was to begin work. The [...]

Qualifying Meals and Entertainment could be 100% tax deductible if it is part of running your business. Making sure you win that big contract through a little R&R, or having lunch meetings with clients, or even a simple employee meal will help you pay less tax besides providing an added perk to your employees. The [...]

Many small business owners often face the dilemma of whether to hire new employees or independent contractors to get their work done. Your choice on this issue will determine the amount of taxes you pay and help you decide on whether to withhold or not withhold taxes from your workers. In order to give light [...]

Tax season is taxing, no pun intended, but it could be avoided. All the hustle and bustle and stress as the deadline for filing your income tax return nears should not land you in the nearest hospital. Keeping good records all year round, right from the moment you made your first transaction of the [...]

Your acquisition, construction, reconstruction and/or renovation of non-residential real property within the New York Liberty Zone and, under limited circumstances, elsewhere within The City of New York maybe eligible for Qualified New York Liberty Bonds, making it a tax-exempt facility bond as part of the Job Creation and Worker Assistance Act of 2002 (P.L. [...]

After the hassle and bustle of preparing and filing your tax return, is the eagerly awaited time of year when you are due to get your refunds. Everyone is happy about getting their refunds, be it a large or small amount, because it means extra money for expenses, or for that special item you’ve been [...]

Securing the future of children is every well-meaning parents dream. New York’s 529 plans offer a flexible, salary-deductible ways of starting a college fund for your children that can be availed by even non-residents. A 529 college savings program is a tax-advantaged savings plan that enables you to invest for college free of federal [...]

The Internal Revenue service is offering small non-profit organizations and charities on the verge of losing their tax-exempt status a one-time special filing relief to preserve their status until October 15. These organizations failed to file their returns for tax years 2007, 2008 and 2009 and are posted on a special page of IRS.gov with [...]