The Affordable Care Act has been receiving a lot of attention in the news lately, mostly because of the issues with the website and the individuals who are losing their health plans with no ability to easily obtain a new one through the exchanges. However, there is another part of the ACA that does not […]
Tax Implications of the Affordable Care Act (Part I) Read More »
Come join us for another Breakfast at BASC event on November 14, 2013 at 8:30 AM to 9:30 AM! This month we will be speaking about the tax implications of different investment options. Our guest speaker, TJ Tillman is coming from Empire Wealth Management to educate us on some effective ways to meet our objectives.
Breakfast at BASC: Tax Implications of Different Investment Options with TJ Tillman Read More »
With the economic recovering slow, an increasing number of individuals are selling their used items in garage sales or online. Of course, garage sales are nothing new but selling items on eBay, Craigslist, or another auction site has become something of a “digital” garage sale and it may be difficult to determine whether items sold
Do I Need to Report Expenses from a Garage Sale or Online Store? Read More »
Small business owners are supposed to comply with the obligations for state, local, and federal taxes. To avoid being out of compliance, many business owners hire a professional to deal with their tax-related issues. Even if you decide to retain the services of a professional, it is always advisable to have an understanding of the
What are the Tax Obligations for Small Businesses? Read More »
In late June 2013, the U.S. Supreme Court issued a ruling that struck down several parts of the Defense of Marriage Act (signed into law in 1996) and paved the way for same-sex marriage to become the law of the land. To be clear, same-sex marriage is only the law in 12 states and the
According to the Washington Post, the payroll tax hike that took effect on January 1 likely just wiped out any improvement you made in your income over the past year. If you’re a median-wage single person, you’re likely to bring home around $900 less this year than you did last year. An upper-middle class, two-breadwinner
How Will The Payroll Tax Hike Affect You? Read More »
The Alternative Minimum Tax (AMT) was introduced back in 1969 and acts as a method for the government to tax wealthy people who would normally have ways of lowering their tax burden through special channels. People who end up paying the AMT learn that they cannot deduct common things such as property taxes, investment advisory
How the Fiscal Cliff Deal Affects the AMT Read More »
In order to avoid paying capital gains taxes, it is helpful to know and take advantage of the so-called ‘loopholes’ in the tax code. One of the most useful is called the 1031 Exchange or alternately the Starker Trust Exchange. It works likes this; if you inherit and then sell a vacation, rental, or other
Capital Gains Loopholes: The Mighty 1031 Exchange Read More »
The American Taxpayer Relief Act (ATRA) extended a number of business tax credits through 2013 and changed more than 30 credits and deductions that range from the Expense Mine Safety Equipment Credit to the American Samoa Economic Development Credit. Some of the most useful credits for business owners include: The Housing Allowance Exclusion for Qualified
The Ups and Downs of the American Taxpayer Relief Act Read More »
Everyone by now has probably noticed that their paychecks are a little slimmer than they were at the beginning of last year; 2% lower, to be precise, due to Congress not extending the temporary reduction of the Social Security payroll tax. But that’s only the widely known tax change and the one with the broadest
What Happened When the Bush Tax Cuts Went Away? Read More »
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