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Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence. However, there is a limitation on this. The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit. Points paid to secure a mortgage when purchasing a new home are fully deductible. Points paid on a refinance must be amortized over the life of the loan.
The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business paid for with various revenue raisers. Here's a brief overview of the tax changes in the new law.
Employers must make a determination whether someone who works for them is an employee or an independent contractor.
To assist them with this, the IRS has issued the “Twenty Factor Test”. Here are the tests an employer applies in order to help make this determination:
The recent health care reform has allowed eligible businesses to claim a credit for premiums paid for health insurance. For 2010, the maximum credit is 35% of the employer's premium.
Aaron Johnson, CPA was recently featured in Q&A of the Hartford Business Journal. Aaron spoke on health care reform tax credits, changes, and the penalty tax. Read HBJ Article …