The chance to donate a gift for the 2010 tax year has passed but there is always 2011. As you may already know, you can gift $13,000 per individual without having any chance of being subject to gift tax for the year. Married couples can gift up to $26,000. This is referred to as the annual gift tax exclusion which is different but related to the recently increased lifetime gift tax exemption. Read More.
If you didn’t earn a lot of money last year, you may very well be eligible for the Earned Income Tax Credit. Although the EITC has existed for decades, it’s been improved and expanded over the years. The maximum benefit was increased under the American Recovery and Reinvestment Act of 2009 for the 2009 and 2010 tax years, and then extended through 2012. Read More.
The tax reform proposed by President Obama during the State of the Union Address hinted towards additional business tax credits and the possibility of a lower corporate tax rate in the upcoming years. This reform would be in addition to the 2010 tax credits and deductions already available to businesses. Read More.
The 1099-K is the latest addition to the family of 1099 IRS documents, joining other 1099 forms that report things like interest income, dividends and distributions and miscellaneous income. The new 1099-K was approved last year to track income from companies that do business using third-party payment processors such as credit and debit card companies and services like PayPal. Read More.
Not exactly. But, taxpayers can get what is called a Refund Anticipation Loan commonly referred to as a RAL. They are short-term loans that allow taxpayers to borrow money against the future tax refund they will receive from the IRS after they file their tax return. Although at first blush RALs sound attractive, they can come at a high cost. Read More.
The first step is to explore the viability of partnering with an angel investor or an investment group such as a venture capital firm. They offer industry expertise & a strong network of contacts which will allow you to grow internally as well as having the opportunity to form strategic partnerships with larger companies. Keep in mind that it can be very difficult to obtain financing from these investors but if you succeed, it can be very helpful. Read More.
Just like debit card fees are rising, mortgage rates are also likely on the rise. Regulators are trying to meet an April deadline to finalize the new mortgage requirements that could be devastating to not only lenders but also borrowers. Read More.
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