Congratulations on the new addition to your family! Having a little one brings lots of major changes to your life, including at tax filing time. To start with, make sure you have a Social Security number for your newborn, to ensure you can receive the tax breaks to which you’re entitled. Read More.
We have goods news and bad news for those concerned with estimated taxes. The bad news is that estimated taxes for the fourth quarter of 2010 are due on Tuesday, January 18th, 2011. The good news is that estimated taxes for 2011 should be lower now that self employment tax is 13.3% and not 15.3%. Read More.
The tax news we have received of late is not all positive; at least not for those planning on claiming an energy tax credit in 2011. If you remember correctly, in 2009 Congress passed legislation (ARRA) which allowed taxpayers to claim energy tax credits for 30% of the cost (i.e. furnaces, windows, insulation) or up to $1,500. This same energy tax credit is being reduced for 2011. Read More.
Remember the credit card legislation that was passed in February which effectively erased billions of dollars of fees issuers charged customers? Another law is also set to impact banks. Starting in July, banks must significantly decrease the transaction fees they charge merchants when customers pay with a debit card. In response to this new law, banks are planning to issue new changes to your debit card account to make up for this massive loss. As JPMorgan CEO Jaime Dimon put it, “If you’re a restaurant and you can’t charge for the soda, you’re going to charge more for the burgers.” Read More.
Congress’s passage last month of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010, commonly known as the extension of the Bush tax cuts, will bring one big change for taxpayers: an extra 2 percent in your pocket from the reduction in the Social Security tax. The tax drops from 6.2 percent to 4.2 percent for all wages earned, up to $106,800. Read More.
It is already a New Year which means that the deadline to contribute to a 401K plan for the 2010 calendar tax year has passed. Remember, 401K holders are allowed to contribute up to $16,500 each year. But, there is always the IRA. Read More.
We are down to the wire with only a few days left in the year to qualify for tax deductions that can lower your 2010 tax bill. Perhaps, one of the easiest ways to claim a tax deduction is to donate to charity. Everyone can donate, from first time tax filers to those over the age of 70 1/2 holding an IRA. Read More.
A doggy daycare business sounds like a fun and fast growing venture. We performed preliminary market research online to get a sense of the opportunity and will share our findings with you below. Please note that when performing market research it is critical to use multiple sources to improve the reliability of the data in your financial model. Read More.
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