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The Last Tax Cut

Posted in Tax News on June 30, 2011

The Obama administration is exploring a temporary tax cut for employers on their payroll tax obligations.

Tagged with: Beneficiary, Capital Gains, Capital Gains Tax, Congress, Dividends, economy, Employee, Employer, estate tax, Federal Tax Code, Federal Unemployment Tax, Income Tax, Long T, Medicare, Obama Administration, Paycheck, Payroll Tax, Qualifying Dividends, Social Security, Unemployment, Wages

How to File Your FBAR and Avoid Huge Penalties

Posted in Tax News on May 19, 2011

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 (“FBAR”) is due June 30, 2011. This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial…

Tagged with: Amended Tax Return, Bank Account, Civil Penalty, Dividends, FBAR, Foreign Bank Account, Form TD F 90-22.1, Income Tax Return, Interest, Internal Revenue Service, IRS, Offshore Account, Schedule B, Treasury Department

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

Posted in Tax News on April 21, 2011

This is a big issue with the IRS and closely held C corporations right now. The focus is whether or not the owners-employees, as well as family members, are reducing their profits through large salaries and bonuses.

Tagged with: Bonus, C Corporation, Closely Held Business, Compensation, Dividends, Family Members, Internal Revenue Service, IRS, Owner-Employee, Reasonable Compensation, Salary

The Difference Between an IRA and a Roth IRA

Posted in Tax News on February 4, 2011

Deciding whether to open an IRA or a Roth IRA is a major decision with potentially large financial consequences. Both forms of the IRA are great ways to save for retirement, although each offers different advantages and rules.

Tagged with: Adjusted Gross Income, AGI, Capital Gains, Company Sponsored Retirement Plan, Cost Basis, Dividends, Earned Income, Income Tax, ira, IRA Contribution, Married Filing Jointly, Nondeductible IRA, Ordinary Income, Phase Out, Qualified Retirement Plan, Required Minimum Distribution, Retirement, retirement plan, RMD, roth ira, Single, Tax-Deferred, Tax-Free, Traditional IRA

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885

Blog Archives

How to File Your FBAR and Avoid Huge Penalties

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

The Difference Between an IRA and a Roth IRA

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Branford, CT 203.208.0572 Manchester, CT 860.646.2465 Niantic, CT 860.739.5459 Storrs, CT 860.429.7885

Blog Archives

The Last Tax Cut

How to File Your FBAR and Avoid Huge Penalties

What is Reasonable Compensation and Why Closely Held Business Owners Should Be Concerned

The Difference Between an IRA and a Roth IRA

Search

Links

Latest News

Categories

Get Free Tax Tips

Branford, CT 203.208.0572
Manchester, CT 860.646.2465
Niantic, CT 860.739.5459
Storrs, CT 860.429.7885