Recently Enacted Tax Breaks for Small Businesses

• Posted on February 20, 2012

Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to keep you up date.


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Big Break for Adoptive Parents

• Posted on June 7, 2010

As part of the Health Care Legislation passed earlier this year, the credit for expenses of adopting a child was increased and made refundable.  Prior to this change, the credit was non-refundable and could only be used to reduce the adoptive parent’s tax to zero, with any unused portion of the credit carried over for up to five years and used against future years’ tax.
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How Will the Health Care Bill Affect Your Taxes?

• Posted on June 7, 2010

On March 23, 2010, President Obama signed into law the new health care legislation.  The legislation will affect virtually every individual in one way or another and will significantly impact tax returns in the future.  The following overview of the tax-related provisions of the legislation is based upon the House of Representatives’ version and the one signed by President Obama on March 24, 2010.  The provisions take effect over a number of years (2018).
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Small Employer Simple Cafeteria Plans

• Posted on June 7, 2010

For years beginning after Dec. 31, 2010, small employers (average of 100 or fewer employees on business days during either of the two preceding years) may provide employees with a “simple cafeteria plan.” (Code Sec. 125(j))
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Advanced Lean-Burn Technology Vehicle Credits

• Posted on September 27, 2010

2010 is the final year for the advanced lean-burn technology motor vehicle tax credit. Advanced lean-burn technology vehicles are passenger cars or light trucks with an internal combustion engine designed to operate primarily using more air than is necessary for complete combustion of the fuel.

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2010 Inflation Adjustments

• Posted on September 27, 2010

Every year, many of the various tax limitations, deductions, allowances, etc., are inflation adjusted. The following are the more commonly-encountered values that apply to 2010, along with the prior year's amounts.
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Home Energy Credits

• Posted on September 27, 2010

Tax Credit for Residential Energy Improvements – Energy property improvements to a principal residence located in the United States and placed in service during before the end of 2010 qualify for the residential energy improvement credit.  2010 is your last chance to “go green” and get Uncle Sam to cover part of the cost in the form of a tax credit.
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Roth Conversion Limitations Eliminated

• Posted on September 27, 2010

Beginning in 2010, legislation: (1) Eliminates the $100,000 modified AGI limit on conversions of traditional IRAs to Roth IRAs, and (2) Permits married taxpayers filing a separate return to convert amounts in a traditional IRA into a Roth IRA. Under prior law, married taxpayers who filed separate returns were restricted from making conversions.
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Plug-In Electric Vehicle Credit

• Posted on September 27, 2010

For vehicles bought after February 17, 2009 and before January 1, 2012, the Recovery Act creates a new 10% nonrefundable personal credit for low-speed vehicles, motorcycles, and three-wheeled vehicles that meet the criteria of a qualified plug-in electric drive motor vehicle.  The maximum credit for these vehicles is $2,500.  If the vehicle is also used in business, the business portion of the credit is treated as a general business credit.  Four-wheel vehicles purchased after January 1, 2009 also qualify for this credit based on a law passed in 2008.  There are additional qualifications, so please call for further details.