Taxes

At the end of July 2009, Representative Thaddeus McCotter introduced the HAPPY Act (Humanity and Pets Partnered Through the Years) bill. The bill aimed at allowing for a tax deduction up to 3,500 per year for pet-related expenses. The status of the bill as of the date of this publication: “Referred

Property acquired for business use, rental use, or any other income producing use that is expected to last more than one year cannot be deducted as a business expense all in the year it was aquired.  This is where depreciation comes into play.  You must deduct the expense over the usual life of the

For all you working parents out there - here is what you need to know about the Dependent Care Credit when it comes to Summer Day Camps.  If your child is under 13 and you need to arrange for additional care for them during the summer months then summer day camps are one way to accomplish this while

If you filed your tax return months ago and still have not received your refund or economic stimulus check then you need to check with the IRS.  If the IRS has your incorrect address, then all it takes is an address update with them and all your missing checks will be mailed to you. If you are

Have you recently realized that you made a mistake on a prior years tax return?  No need to worry, you can go ahead and file an amended return.  Usually the IRS will catch mistakes such as math errors or missing forms like W-2's or 1099's, but you should go ahead and file an amended return in the

I just published a new lens at squidoo on Saving Taxes with S Corporations. While it's not for everyone, there could be significant savings on self employment tax. The Squidoo lens goes through an example of a business owner with the same income under all the different entity types (S Corporation,

S corporations and limited liability companies. I will be holding a bisnick event on September 18th that will explain the difference between the various entities and the potential tax savings available in S corporations, LLC's, C corporations and sole proprietors. listen Powered by Jott

It's not too late to get your Economic Stimulus Payment from the IRS!  If you still haven't filed your 2007 tax return, you must do so by October 15th to receive your Stimulus Payment.  Remember that if you don't normally file a tax return but want the stimulus check then you must file a return for