Small Business
and Work Opportunity Tax Act of 2007 - (June, 2007) Congress
passed this Act in order to provide small business tax relief as a
counter to the phased-in increase in the federal minimum wage from
$5.15 an hour to $7.25 an hour over the next two years.
Estimated
Tax Payments - (May, 2007) Many of our clients are required to pay estimated
taxes and it often comes to our attention that there may not always be a
clear understanding of the mechanics involved in determining how much they
are required to pay Uncle Sam during the calendar year.
Childcare
Credit - (April, 2007) One piece of tax information that many parents forget to bring us each year
for preparation of their tax return is childcare information. If you paid for someone to care for a dependent
age 12 or younger or a disabled dependent or spouse while you worked or looked
for work, you may be able to claim the Child and Dependent Care Credit on your
tax return.
Charitable
Contributions FAQs - (March, 2007) You cannot deduct contributions to political
parties or political candidates. Charitable contributions are considered itemized
deductions on your tax return, so you may be subject to limitations.
2006
Tax Relief and Healthcare Act - (December, 2006) Now that the election cycle is finally over, Congress has acted to extend a significant number of tax breaks that have been held up due to partisan wrangling.
The Act also provides for some tax changes taking effect in 2007.
Tax
Increase Prevention and Reconcilation Act - (June, 2006) What started off as a 2005 tax act being
negotiated in Congress many months ago has finally become law in late
May of 2006.
Presidents
Advisory Panel On Tax Reform - (December, 2005) In January, 2005,
the President’s Advisory Panel on
Federal Tax Reform was created to recommend
options that would make the tax code simpler, fairer and more conducive
to economic growth.
2005
Energy Act - (August, 2005) During August, the Energy Tax Incentives Act of 2005 was signed into
law. While most of the provisions will affect energy producers and
providers, there are many tax credits and provisions that will have an
impact for both our small business clients as well as individual
homeowners.
Working Families Tax Relief Act - (October, 2004) On October 4th, the President signed the Working Families Tax Relief Act of
2004 (Families Act). This is a $146 billion tax cut bill for both individuals and businesses that passed with wide majorities in both the House and Senate.
2003 Tax
Act - (May, 2003) On Wednesday, May 28th, 2003,
President Bush signed the Jobs and Growth
Tax Relief Reconciliation Act of 2003 which should bring at least some
tax breaks to almost all of our clients. As everyone
anticipated, the primary beneficiaries of the Act are families with
children, stock investors, high income taxpayers and small
business.
2002 Tax Act -
(April, 2002) On March 9th of 2002, the "Job
Creation and Worker Assistance Act" was signed into law by
President Bush. The new law doesn't contain many benefits for
individual taxpayers, but it does include a 13 week extension of
unemployment benefits and some relief measures aimed at businesses.
Our Summary
Of The Tax Relief Act -
(June, 2001) The new 2001 Tax Relief Reconciliation Act has 85
new provisions, 441 codes changes and 291 pages of text. We will
probably spend the next several months reviewing and presenting its
many new provisions in more detail, but we can already summarize the
major aspects of the bill here so that you can begin some early
planning.
|
