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Another year is winding
down, and that means taxpayers should be alert to any
last minute steps they can take to reduce their federal
income taxes. Here’s a brief list of opportunities you
might have missed.
- Energy Credit
- Charitable Rollover
- Tuition Deduction,
and
- Zero Percent Capital Gains Rate
...click here for
more... |
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Individuals who intend to
make substantial gifts to family members or others often
have questions about possible federal tax consequences.
Two common misconceptions about gift giving are that the
person receiving the gift must pay any gift tax owed,
and the person making the gift can claim an income-tax
deduction. In fact, if there is a gift-tax obligation at
all, the burden is on the individual making the gift.
And gifts to individuals are not deductible for
income-tax purposes.
...click here for
more... |
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More than 650,000 small nonprofits — those
with gross annual receipts of $25,000 or less — have been getting mail
from the IRS. The news isn’t bad, but it is important. It’s about a new
notice that these organizations must file.
...click here for more... |
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~ Tax Benefits Expiring in December
~ Gift-Tax Basics
~ New Filing Requirements for Tax Exempt
Organizations
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Entering Payroll as a Journal Entry |
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For companies that use a payroll service, each
time the report comes in from the Payroll
service company, you should make the following
journal entries
...click here for more... |
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