Most taxpayers believe that a “Dependent” is a minor child that lives with them. While that is essentially correct, dependents can include parents, other relatives and nonrelatives, and even children who don’t live with you. There is really much more to the dependent...
The 2010 health care reform legislation included several provisions that go into effect this year. Among them is the increase in Medicare Tax for taxpayers with incomes above certain levels. Here is an overview of these two new taxes. FIRST, the Payroll Medicare...
FAR 31.205 discusses Unallowable Cost rules and regulations for government contractors but FAR 31.205-13 in particular discusses what costs are unallowable/allowable to improve employee moral, health, and welfare. To find out more read our article Loyalty, Fitness,...
It happens to butchers, bakers, and candlestick makers. It probably happens in your business, too: A customer doesn’t pay what they owe and you end up with a bad debt. Can you take a tax deduction? The answer depends on how you account for income on your tax return....
It is interesting to note how many Business Partnerships were formed over a weekend. You meet someone at a party on Friday and by Monday you are in business together. No courtship, no honeymoon, just off you go into business. Well, let me suggest that such partners...
