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Monthly Archives: May 2009
IRS Announces Withholding Adjustment Option for Pension Plans and Provides Taxpayer Education
As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Internal Revenue Service today released new withholding adjustment procedures for pension plans. In February, the IRS … Continue reading
Posted in Individual, Taxation
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Basics of Creating a 501(c)(3) Charity
Creating a nonprofit organization, especially a Section 501(c)(3) organization, can be a daunting task. If you do not know what you are doing, you are most likely going to get lost in the paperwork, the process, and the extensive steps … Continue reading
Posted in Nonprofits
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Deductible Travel Expenses
Many taxpayers go away on business and incur expenses while travelling, and those same taxpayers think that all expenses incurred while travelling are deductible as a business expense. This is not true. In fact, there are many restrictions on business … Continue reading
Posted in Business, Individual, Taxation
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Homeowner Taxes You Can Deduct and Not Deduct
The following list (not comprehensive or all-inclusive) of taxes is provided to first-time homeowners, or even homeowners in general, that wish to get the most tax deductions from the cost of owning a home. Real Estate Taxes – A homeowner … Continue reading
Posted in Individual
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Net Operating Losses Overview
A corporation generally figures and deducts a net operating loss (NOL) the same way an individual, estate, or trust does. However, a corporation’s NOL generally differs from an individual, estate, or trusts’ NOL in the following ways: A corporation can … Continue reading
Posted in Business
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IRS Announces Withholding Adjustment Option for Pension Plans and Provides Taxpayer Education
As part of a wider outreach effort to educate taxpayers about the benefits they will receive under the American Recovery and Reinvestment Act, the Internal Revenue Service today released new withholding adjustment procedures for pension plans.In February, the IRS issued … Continue reading
Posted in Business, Individual, Taxation
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New Rules for Differential Pay
If you are not familiar with differential pay, which many people are not, it mainly deals with members of the military and employers who have employees who are in the military. Differential pay is the pay an employer gives to … Continue reading
Posted in Individual, Taxation
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Nonprofits and Political Activities
Public charities are prohibited from directly or indirectly participating in, or intervening in, any political campaign on behalf of or in opposition to a candidate for public office. Contributions to political campaign funds or public statements of position made on … Continue reading
Posted in Nonprofits
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Disadvantages of Debt Cancellation
With the economy in a downturn, more and more companies are choosing to discharge money and debt owed to them instead of attempting to collect. When this discharge happens, the people receiving the discharged debt are initially happy to know … Continue reading
Posted in Individual, Taxation
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Military Combat Zone Exclusion
Most military taxpayers are aware of the combat zone exclusion, but they are unaware of the rules and restrictions placed on the exclusion and who actually qualifies for the exclusion. If a person is a member of the U.S. Armed … Continue reading
Posted in Individual, Taxation
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