- A review course on education tax credits
- Unclaimed property can be a business issue
- Watch out for special rules when making a Roth conversion
- Some business meals get a full deduction
- DB(k) retirement plans are new this year
- Pay yourself reasonable wages
- The kiddie tax: A basic review
- Follow IRA withdrawal rules
- Homebuyer tax credit extension
- Collectibles face special tax rules
- Rental property tax rules are complicated
- Payroll tax update
- Don't overlook the Roth five-year holding requirement
- Can you qualify for the small business health insurance credit?
- Military tax breaks are available
- Do you need to file an FBAR?
- Roth IRA conversion: Act now, pay later?
- Start your 2010 planning with your 2009 tax return
- Don't ignore employer penalty notices
- The HIRE Act offers tax breaks for hiring
- Direct deposit: Should you buy savings bonds?
- The Patient Protection and Affordable Care Act reforms health care
- Can you take a home office deduction?
- Deducting interest expense: What you need to know
- Did you receive Form 1099-C?
- Missing a W-2?
- Who has to file an income tax return?
- New law allows early deduction for Haiti relief donations
- The dependency exemption: What you need to know
- What's your status?
- Payroll - A 2010 employer update
- Review payroll reporting for 2009
- What to expect on your 2009 return
- Check these vehicle tax breaks for 2009
- Know the rules for backup withholding
- Tax issues come with gifting stock
- Hiring seasonal employees? What you need to know
- Don't get tripped up by a wash sale
- New law includes two important tax changes
- Two IRA tax breaks are scheduled to expire soon
- Take a tax deduction for worthless stock
- Withdrawals from your SIMPLE IRA may not be so simple
- Savings bonds can help pay for college
- Tax tips for first-time employers
- First-time homebuyer credit to expire November 30
- Closing your business has tax implications
- You need basis to deduct an S corporation loss
- Unemployed? Pay health premiums from your health savings account
- Some IRA terms you should know
- Employee or independent contractor? Don't misclassify workers
- Take a penalty-free IRA withdrawal for medical expenses
- Your business vehicle expenses are deductible
- Plan for the phase-out of tax breaks
- Your business could benefit from the extended net operating loss carryback
- When is income taxable, and when is it not
- IRS has a new procedure for correcting payroll returns
- Capture tax breaks when you refinance
- Prepare now for a possible disaster
- Tax law changes could affect your 529 plan
- Two reasons to review tax payments
- The COBRA credit: What employers must know
- Don't waste your tax refund
- A new vehicle could give you a new tax break
- Check out the "making work pay" credit
- Don't overlook a theft loss deduction
- Who owes self-employment tax?
- The Internal Revenue Service and Treasury Department Release Additional FBAR Guidance
- HIRE Act
- Health Care Updates
News
Military tax breaks are available
National Military Appreciation Month trivia question: How many military tax benefits can you name?
Here's an overview of three.
- Home of record. For your 2009 tax return, if you're the spouse of a military service member, you may be able to keep your home state for tax filing purposes no matter where your family is posted.
When you relocate in order to be with your spouse, the Military Spouses Residency Relief Act makes it easier to maintain permanent residency in your home state, potentially reducing your tax bill and easing filing complexity.
- Homebuyer credit. You have an extra year to qualify for the homebuyer credit if you or your spouse served on qualified extended duty outside the U.S. between December 31, 2008, and May 1, 2010. Meet the conditions and you can claim the credit - up to $8,000 as a first-time homebuyer or $6,500 as a long-term resident - when you buy a home by April 30, 2011.
In addition, if you sell your home within three years, you may be able to avoid a recapture of the credit if government orders changed your duty station.
- Differential pay. Did you get differential pay from your civilian employer during 2009? You might have noticed a change in the way that pay is reported to you. The reason: Money you receive from your employer to help fill the gap between your regular salary and your military pay is now considered wages and is included on Form W-2.
Differential pay is subject to federal income tax withholding, but not social security or Medicare tax, and is included in compensation for retirement plan calculations.
Give us a call to discuss other benefits available to you as a member of our uniformed services. We're here to help with all your tax and financial decisions.
For more information, contact Ross Rizzo at 212-404-5528, rrizzo@sb-cpa.com.
"Tax Tips" are published weekly to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
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