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1099 Reporting Guidelines

Posted in Tax News on November 19, 2010

January 31, 2011 is the deadline to furnish Form 1099-MISC to recipients.  The 1099-MISC form is used to report more than two dozen types of payments that must be claimed as income by the recipient.  This category includes payments made by…

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Why Parents Should Not Give Their House to Their Children

Posted in Estate Planning, Tax News on November 12, 2010

Frequently, parents will be encouraged to give their home to their children so the government won’t take it to pay any nursing home bills.  This is usually very bad advice.  Why is this not an appropriate strategy?

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The Difference between an Employee and an Independent Contractor

Posted in Tax News on November 5, 2010

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…

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3 Things You Need to Hire an Employee

Posted in Tax News on October 29, 2010

Employers need to get three tax documents from new employees before they start work.

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The Difference Between Capital Gains and Ordinary Income

Posted in Tax News on October 15, 2010

Most long-term capital gains are taxed at 15% for 2010.  This rate is scheduled to increase to 20% in 2011.  Unfortunately, we need to say “most” because there are some exceptions as follows: Taxpayers in the 10% and 15% ordinary…

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