The American Taxpayer Relief Act of 2012 retroactively renewed this tax credit effective January 1, 2012, expiring again on December 31, 2013. Any qualified equipment installed in 2012 or 2013 is eligible for this... Read More
Section 162 of the Internal Revenue Code allows a business taxpayer to deduct from its gross income its “ordinary and necessary” business expenses. In general, the expense must be 1) paid or incurred during... Read More
"Net investment income" is defined in section 1411 of the internal revenue code.
Beginning January 1, 2013, taxpayers will pay an additional 3.8% Medicare tax on... Read More
The self employment tax generally refers to social security and medicare taxes that are paid by self employed persons. The self employment tax includes social security tax at a rate of 12.4% and medicare tax of 2.9%... Read More
Political campaign contributions are not a deduction against taxable income. Whether you give money to a political campaign, political party, or political action committee, the amount is never tax deductible and... Read More
Your chances of getting audited depend alot on your business form and the type of business you operate. For instance, a Schedule C sole proprietorship is more lkely to get audited than a partnership or corporation... Read More
in 2012, the capital gains rates were either 0% or 15%. The 15% capital gains rate started when the taxpayer hit the 15% marginal tax bracket.
In 2013 the capital gains rates are 0% for taxable income of single... Read More
The amount of tax increase for small business really depends on the business form. Small businesses that are pass through, such as sole proprietorship, partnerships, and s-corporations will see higher taxes due to... Read More