News - John R. Dundon II, Enrolled Agent
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News

July 20, 2010

Affordable Care Act was enacted on March 23, 2010. It contains some tax provisions that take effect this year and more that will be implemented during the next several years. The following is a list of provisions now in effect; Therapeutic Discovery Project Program This program is...

July 20, 2010

This credit – still available for 2010 – equals 6.2 percent of a taxpayer’s earned income. The maximum credit for a married couple filing a joint return is $800 and $400 for other taxpayers. Eligible self-employed taxpayers can benefit from the credit by evaluating their expected...

July 16, 2010

Robert purchased a new heavy duty pick-up truck (rated over 6,000 lbs.) for use in his landscaping business. The vehicle is used 100% for business and Robert elected to expense $15,000 of the cost under §179. In 2009, Robert sold his landscaping business and...

July 16, 2010

First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation. The type of...

July 14, 2010

ALWAYS use the form that matches the year you are amending. For example, if you are amending a 2009 return, use the 2009 104X form. If you use a form for another tax year, the lines from one tax year to another are...

July 14, 2010

Did you know that you may be able to deduct some of your job search expenses on your tax return? If you are searching for a job, you may be able to deduct some of your expenses on your tax return. Here are six...

July 12, 2010

(1) Wearing apparel and school books - Such items of wearing apparel and such school books as are necessary for the taxpayer or for members of his family; (2) Fuel, provisions, furniture, and personal effects - So much of the fuel, provisions, furniture, and personal...

July 9, 2010

School’s out and many students now have a summer job. Some students may not realize they have to pay taxes on their summer income. Here are the six things the IRS wants everyone to know about income earned while working a summer job. All employees...

July 7, 2010

Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses may help...

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