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Today, the IRS announced a plan to help taxpayers who: (1) are unemployed at least 30 consecutive days during 2011 or in 2012 up to the April 17 deadline; OR (2) are self-employed but have reduced business income of at least 25% in 2011. Under the plan, qualifying taxpayers can file IRS Form 1127A which will give a 6 month grace period (until October 15, 2012) for the qualifying taxpayer to pay his or her outstanding tax bill. To qualify for relief, the eligible taxpayer’s income cannot exceed $100,000 if filing as [...]
Tags: Unemployed Taxpayer Relief
Posted In: Tax Update
As the March 15 corporate tax filing deadline approaches, we are reminding small businesses to take advantage of the small business health care tax credit. This is a tax credit not a mere deduction. The tax credit is part of the 2010 Affordable Care Act (more commonly known as ObamaCare). The tax credit is worth up to 35% of a small business's premium costs (25% for tax-exempt employers). In 2014, this rate increases to 50% (35% for tax-exempt employers). Again, this is a TAX CREDIT not a mere deduction.
Eligible small employers will need to complete [...]
Beginning January 1, 2012, the IRS standard mileage rate deduction for business use of a vehicle is 55.5 cents per mile. In 2011, the IRS standard mileage rate was 51 cents per mile for January through June of 2011. Beginning July 1, 2011, the IRS standard mileage rate deduction for business use of a vehicle was increased from 51 cents per mile to 55.5 cents per mile.Pursuant to California Labor Code §2802, California employers are required to reimburse employees for all expenses incurred by the employee in performing their duties, including expenses for [...]
For 2011, the IRS standard mileage rate deduction for business use of a vehicle was 51 cents per mile. Beginning July 1, 2011, the IRS standard mileage rate deduction for business use of a vehicle is increased from 51 cents per mile to 55.5 cents per mile.
Pursuant to California Labor Code §2802, California employers are required to reimburse employees for all expenses incurred by the employee in performing their duties, including expenses for travel, dining, and mileage (other than to and from work/home). The employee cannot agree to waive this right to receive reimbursement.
The California [...]
For the first time, self-employed individuals will be able to deduct the cost of their health insurance premiums when computing the amount owed in self-employment tax.
In the past, small business owners were not allowed to deduct the cost of health insurance when calculating self-employment tax. Under the Small Business Jobs Act of 2010, and subject to specific statutory restrictions (i.e. deduction is not available [...]
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Disclaimer: The information presented on this web site was prepared by Melissa C. Marsh for general informational purposes only and does not constitute legal advice. The information provided in my articles and alerts should not be relied upon, or used as a substitute for professional legal advice from an attorney you retain to advise or represent you. Your use of this Internet site does not create an attorney- client relationship. Transmission of this article is not intended to create, and receipt of it does not constitute, an attorney-client relationship. All uses of the contents of this site, other than personal uses, are prohibited. You may print or email a copy of any information posted on this web site for your own personal, non-commercial, use, but you may not publish any of the articles or posts on this web site without the Express Written Permission of Melissa C. Marsh.
Located in Los Angeles, California, the Law Office of Melissa C. Marsh handles business law and corporation law matters as a lawyer for clients throughout Los Angeles including Burbank, Sherman Oaks, Studio City, Valley Village, North Hollywood, Woodland Hills, Hollywood, West LA as well as Riverside County, San Fernando, Ventura County, and Santa Clarita. Attorney Melissa C. Marsh has considerable experience handling business matters both nationally and internationally. We routinely assist our clients with incorporation, forming a California corporation, forming a California llc, partnership, annual minutes, shareholder meetings, director meetings, getting a taxpayer ID number (EIN), buying a business, selling a business, commercial lease review, employee disputes, independent contractors, construction, and personal matters such as preparing a will, living trust, power of attorney, health care directive, and more.