thomstaxtalk.blogspot.com

Thom's Tax Talk

A compendium of tax tidbits and information. Monday, February 14, 2011. The IRS Wishes You a Happy Valentines Day. In December of 2009, Congress passed an extension of the Bush tax cuts. A number of the provisions impacted your 2010 tax return. It was mainly on Schedule A, itemized deductions, and education credits. Since the Act passed Congress so late in the year, the IRS needed time to integrate the changes into the tax processing system. They are now finished with that integration. The IRS is also ch...

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A compendium of tax tidbits and information. Monday, February 14, 2011. The IRS Wishes You a Happy Valentines Day. In December of 2009, Congress passed an extension of the Bush tax cuts. A number of the provisions impacted your 2010 tax return. It was mainly on Schedule A, itemized deductions, and education credits. Since the Act passed Congress so late in the year, the IRS needed time to integrate the changes into the tax processing system. They are now finished with that integration. The IRS is also ch...

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Thom's Tax Talk | thomstaxtalk.blogspot.com Reviews

https://thomstaxtalk.blogspot.com

A compendium of tax tidbits and information. Monday, February 14, 2011. The IRS Wishes You a Happy Valentines Day. In December of 2009, Congress passed an extension of the Bush tax cuts. A number of the provisions impacted your 2010 tax return. It was mainly on Schedule A, itemized deductions, and education credits. Since the Act passed Congress so late in the year, the IRS needed time to integrate the changes into the tax processing system. They are now finished with that integration. The IRS is also ch...

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thomstaxtalk.blogspot.com

1

Thom's Tax Talk: January 2010

http://thomstaxtalk.blogspot.com/2010_01_01_archive.html

A compendium of tax tidbits and information. Thursday, January 28, 2010. Non-profits were directly affected by these scandals. There is now more scrutiny of how non-profits do their work, and concern when any individual at the non-profit gets a salary over $150,000. (Maybe the big banks should get some of this scrutiny. But that’s off topic.) There has always been a concern when a non-profit spends more than 20% of its revenue on administration and fund raising. What’s a non-profit to do? This is a repea...

2

Thom's Tax Talk: Health Insurance and Our S Corporation

http://thomstaxtalk.blogspot.com/2010/12/health-insurance-and-our-s-corporation.html

A compendium of tax tidbits and information. Sunday, December 12, 2010. Health Insurance and Our S Corporation. IRS regulations require that you report the company paid portion of health insurance as compensation for anyone who owns more than 2% of the company stock. This is the case for more than 99% of owners of S Corporations. Massachusetts also follows this rule. If it does not have any impact, why do it? Reason one: The IRS requires it. Why challenge them? February 24, 2011 at 4:05 AM. The blog will...

3

Thom's Tax Talk: IRS Requirement to pay your business taxes electronically

http://thomstaxtalk.blogspot.com/2010/12/irs-requirement-to-pay-your-business.html

A compendium of tax tidbits and information. Friday, December 17, 2010. IRS Requirement to pay your business taxes electronically. If you are in business you probably got a notice from the IRS recently telling you that you must pay your taxes electronically. This new rule takes effect January 1, 2011. Here is a link to some basic information about the system:. Https:/ www.eftps.gov/eftps/direct/HelpAboutMain.page. The system is fairly easy to sign up for and to use. Here is the link to sign up:. Https:/ ...

4

Thom's Tax Talk: April 2010

http://thomstaxtalk.blogspot.com/2010_04_01_archive.html

A compendium of tax tidbits and information. Friday, April 2, 2010. More Time to File Your Tax Return. Floods can be a good thing. The IRS and Massachusetts have extended the deadline to file and pay your 2009 income taxes to May 11. They also have extended the time to pay some of your payroll taxes. Here is a link to get all the details. That is still due on April 15th. However, they may change this as well. I will keep you posted. Correction 9:30Am 4-2-10 Estimates also are extended. Legal Warning: The...

5

Thom's Tax Talk: August 2010

http://thomstaxtalk.blogspot.com/2010_08_01_archive.html

A compendium of tax tidbits and information. Friday, August 6, 2010. If your business is organized as an S-Corporation and it pays for your health insurance you could have a problem. A corporation that has elected to have its profits or losses passed through to its shareholders, rather than paying its taxes directly, is an S-Corporation. If your corporation pays for your health insurance, you are required to add the value of any company paid premiums to the gross wages on your W-2 form. First, it’s...

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Thom's Tax Talk

A compendium of tax tidbits and information. Monday, February 14, 2011. The IRS Wishes You a Happy Valentines Day. In December of 2009, Congress passed an extension of the Bush tax cuts. A number of the provisions impacted your 2010 tax return. It was mainly on Schedule A, itemized deductions, and education credits. Since the Act passed Congress so late in the year, the IRS needed time to integrate the changes into the tax processing system. They are now finished with that integration. The IRS is also ch...

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