Taxes

Energy Tax Breaks

Hello All, New law includes unpleasant surprise in nonbusiness energy property credit Alert While the recently passed Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (2010 Tax Relief Act) contained a host of taxpayer-friendly provisions—including 100% bonus depreciation, reduced Social Security tax, increased alternative minimum tax exemptions, and the extension of many […]

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December Newsletter

Dear Clients, Family and Friends: The midterm elections have changed the Congressional landscape, with Republicans winning control of the House of Representatives and picking up seats in the Senate. Even so, it’s still too early to know exactly how this will affect open tax issues for 2010 and 2011. Many tax breaks that lapsed after

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How Long Should I Keep My Tax Records?

How Long Should I Retain My Tax Records? RECORD RETENTION SCHEDULES Type of Record: Recommended Retention Period Copies of tax returns:  Forever Tax/legal correspondence:  Forever Audit reports:  Forever Contracts and leases:  Forever Real estate records:  Forever Corporate minutes and stock records:  Forever Bank statements:  6 years General ledger and journals:  6 years Sales records and

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Tax Tips For The Military

Military Tax Tips Summer is a busy time for everyone, but particularly for military members and their families. Whether it’s moving to a new base or traveling to a duty station, members of the military have many obligations that could impact their tax situation. Here are 10 IRS tax tips military members should keep in

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Estate Tax Update

The estate tax, that tax on the fair market value of a decedents assets, kind of “expired” in 2010. That is, if one passes away in 2010, there is no estate tax. I read that George Steinbrenner’s estate was worth something like $1.1 billion which means his estate gets a pass on $500 million to

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Tax Incentives For Business Hiring

Tax Incentives for Businesses Hiring and Retaining Workers The Hiring Incentives to Restore Employment (HIRE) Act, signed into law March 18, 2010, offers incentives for companies hiring unemployed people plus an additional credit for each qualified retained worker. Employers can take advantage of reduced payroll taxes and increased tax credits as long as they meet

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