Donate IRA funds to charity

Time is running out on a unique tax break for older taxpayers with charitable intentions. If you donate funds directly from your IRA to a qualified charity of your choice, you can avoid tax on the distribution. The 2006 pension law created a two-year window for these tax-free distributions. This provision was extended through 2009 [...]

Medicare Tax: Start Planning Ahead

The significant new health care legislation imposes a unique "payroll tax" on investment income.  At least the new tax doesn't kick in until 2013 providing an opportunity for advance planning. To recap, an individual must pay a 3.8% Medicare tax on the lesser of net investment or the excess of modified adjusted gross income (MAGI) [...]

New tax breakthrough for LLCs

An important new Tax Court case could provide valuable tax savings for owners of limited liability corporations (LLCs) and partners in limited liability partnerships (LLPs). The decision permits a couple to use a loss from an LLC or LLP to offset highly taxed income. Previously, it was presumed that such losses could only be used [...]

Produce big manufacturing deductions

The so-called "manufacturing deduction" isn't just limited to companies that manufacture products in the traditional sense of the word. It's available to a wider range of business operations than you might think. What's more, the maximum deduction is increasing to 9% of qualified production activity income (QPAI) in 2010. If your company is in the [...]

Built-in Gains Tax

The Tax and Accounting office of Certified Public Accountant can assist you in choosing the right legal form for your business. Choosing the proper business entity is a complex matter, which should be handled by an accountant professional. Many C corporations who are tired of the double taxing drawback - income is taxed to the [...]

Plan Ahead: New 1099 rules

The new health insurance legislation imposes significant new tax reporting requirements. In essence, you will have to report most annual payments for goods and services exceeding $600 -- including payments to corporations -- on Form 1099. Fortunately, the new 1099 rules will not be in effect until 2012. This gives you plenty of time to [...]

Tax incentives for employing a spouse

A common approach used by many business owners is to hire their spouse as an official employee. Hiring your spouse as an official employee can have some disadvantages; however, there are least six tax benefits you can receive from taking this approach. The following tax benefits may be applicable to you: 1. Retirement plan contributions [...]

A Smart Way to Payoff Debt

It is important to acknowledge that many individuals are in debt, therefore you among many struggle to get rid of it. However, debt is not essentially a negative thing. Wanting to be free of debt is an excellent goal. But since debt will probably be present for most of your life, an even better goal [...]

Health care credit for businesses

The IRS has issued guidance to help small business owners cope with new requirements in the monumental health care legislation. (IR-2010-38) Under the new health care law, a small business is eligible for credit for contributions used to purchase health insurance for its employees. To qualify, the business can't have more than 25 full-time employees [...]

Take Action

Do-It-Yourself Promotion Stay in the same spot these days, and pay raises are almost nonexistent. Your best defense? Position yourself for a higher paying job. Your tool for a promotion? A well-planned strategy, says Bob Nelson, author of "1001 Ways to Take Initiative at work." In lean times, fattening your paycheck takes more ingenuity. Be [...]

2010 Best of Norwalk Award

Press Release (Article Source) Emil Estafanous, CPA Receives 2010 Best of Norwalk Award U.S. Commerce Association’s Award Plaque Honors the Achievement NEW YORK, NY, May 18, 2010 -- For the second consecutive year, Emil Estafanous, CPA has been selected for the 2010 Best of Norwalk Award in the Tax & Accounting Services category by the [...]

Solo 401(K) Retirement Plans

Do you run your small business as a one-person operation? You might consider setting up a solo 401(k) plan. This type of qualified retirement plan provides an edge over comparable plans. With the usual type of defined contribution plan chosen by small business owners -- such as a Simplified Employee Pension (SEP) -- the employer’s [...]

Tax aspects of health care law

The new health care law includes sweeping changes for both employers and individuals. Following is a brief summary of several key tax-related provisions. Coverage for individuals: After 2013, any individual not eligible for Medicare or Medicaid must obtain minimum essential coverage or pay a nondeductible penalty based on a flat dollar amount or a percentage [...]

Dependent Health Coverage

Tax-Free Employer-Provided Health Coverage Now Available for Children under Age 27 As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee's children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service announced today that these [...]

Small Business Health Care Tax Credit

Millions of small businesses will receive postcards from the IRS beginning the week of April 19 that alert them to the new Small Business Health Care Tax Credit and encourage them to check their eligibility. Even if you don't receive a postcard, your business still may be eligible. Included in the Patient Protection and Affordable [...]