By month: March 2011

The Best Small-Business Retirement Plans: Part 1

This is the first in a series of articles on retirement plans for small-business owners. In this first article, you learn the basics. Why should you have a retirement plan? When should you start contributing to your plan? What types of plans are available to you? Regardless of the type of business entity—proprietorship, LLC, S corporation, or C corporation—this article gives you the basics you need for a quality retirement plan.

New Tax Court Ruling Makes Gamblers Rejoice

Hallelujah, gamblers in the business of gambling may now deduct business expenses in excess of gambling losses. The Tax Court, in a new, precedent-setting case, establishes new rules for gamblers in the business of gambling.

IRS Secretly Allows Medicare Part B as Self-Employed Health Insurance Deduction

The IRS changed its 1040 instructions to allow the proprietorship and single-member LLC a self-employed health insurance deduction for Medicare Part B. The impact on the S corporation owner is not as favorable.

Horse Hobby Needs Tax Psychiatric Review

The hobby classification on a tax return is death to deductions. You have a number of choices, but the two most prominent are (1) quit the hobby, or (2) make the hobby a business.

New Revenue Ruling Enhances Alternative Minimum Tax Deduction for Home Mortgage Interest

The IRS has issued a new revenue ruling granting bigger deductions than the courts have granted on home mortgage interest deductions for alternative minimum tax purposes.

Tax Lawyer Is an Employee, Not an Independent Contractor

Learn why it is important to get the independent contractor classification correct. If your supposed contractor status is in reality employee status, you suffer major penalties.

Nine Important Facts about the New Age 27 Health Insurance Rules

The new under-age-27 health insurance coverage grants windfalls, pitfalls, and planning opportunities.

How the Law Decides If This Travel Day Is Personal or Business

If you travel out of town overnight on business, you need knowledge of the tax rules that allow and disallow such travel. This article clarifies the days that tax law deems to be business and the days that tax law deems to be personal.

Energy Tax Credits for Your Homes

For 2011, you can qualify for the uncapped and unlimited 30 percent tax credit for installing qualified solar, wind, and geothermal in your home, vacation home, or other residence.


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