Are you part of an Employee Benefit Plan or EBP? In the following BDO Seidman article, we discuss what happens when you don’t take advantage of such plans, and how you could be forfeiting a sizable personal investment. *
Does Your Business Have A Retirement Plan In Place?
If you answered no, you may want to consider the benefits to you and your employees a retirement plan can offer. A few of these benefits are a tax deduction for your contributions, the assets grow tax-free with compounding interest, and it is another benefit you can offer to attract and retain better employees.
Mortgage Interest And You
The mortgage interest deduction has become one of the most popular itemized deductions on personal income tax returns. As home prices and home mortgage loans have dramatically increased, many people mistakenly believe that all home mortgage interest is deductible.
Selling Your Residence?
If you own your home, but are getting ready to sell, there are some tax exclusions you may need to be aware of.
New Information for Establishing Operating Reserves
Operating Reserves can be quite complex. The words “operating reserves” can mean many things to many different people, and the first thing that must be done is establishing the definition and the expectations of the stakeholders.
What Do You Need To File A Tax Return
Did you have Federal taxes withheld from your pension and wages for this tax year and wish to get a refund back? Are you entitled to the Earned Income Tax Credit or did you receive Advance Earned Income Credit for this tax year?
President Signs Tax-Cut Package
President Obama on December 17 signed legislation extending all 2001 and 2003 tax cuts for two years following months of contentious debate with Congress over whether to make the Bush-era tax breaks permanent.
Retirement Plan Credits
There are credits that are available for both businesses and individuals who operate or participate in a retirement plan. Small businesses can receive a credit of up to $500 a year for the first three years for starting a new pension plan, and individuals can receive up to a $2,000 credit each year for contributing to a pension plan.
Small Business Incentives
The 2010 Small Business Jobs Act (SBJA) was recently enacted and includes a wide range of incentives and tax benefits for small businesses
Last Minute Tips
With the end of the 2010 tax year rapidly approaching, there is only a limited amount of time for individuals to take advantage of certain tax savings techniques.