If you have a disability or care for a parent or child with disabilities, you may qualify for a number of tax credits. Learn more in this week’s Tax Tip.
Public Accountant, Wendy McCullough joins “Money Talks” to remind business owners about the reverted limits for Section 179 expensing and bonus depreciation.
Your paycheck stub often contains a wealth of information that can help you plan your budget and calculate tax projections. Occasionally, employers will also include personnel information, such as, vacation or sick leave. For more information on the information contained on your payroll stub, read this C.P.A. Insight.
If you’re feeling overly generous, you could pay your granddaughter’s college tuition, pay for her rhinoplasty and give her $13,000 all in one year without gift tax consequences. If you’re feeling this generous read this C.P.A. Insight article to find out how to avoid gift tax and when you will need to file Form 709 U.S. Gift Tax Return.
There are several qualifications to make a contribution to either a Roth or a Traditional IRA. The first is that you must have earned income. Whether married filing jointly, or a single individual, there are income and contribution limits for both types of IRAs. For more information about the 2011 IRA contribution limits and laws regarding them, read this Financial Strategy.
In general, you must file a tax return if your gross income exceeds the total of your personal exemption and standard deduction. You should also file a return if you will be due a refund. For a chart of filing requirements for 2009 returns, read this C.P.A. Insight.