Archive for January, 2011
6 tax tips about Medical and Dental Expenses
Posted by brumley in Deductions, Tax on January 31, 2011
If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things to know about medical and dental expenses and other benefits.
12 Tax Tips about 1099s
If you’re in business, you probably hate sending them out. As a taxpayer, you probably hate receiving 1099s. The only one that likes 1099s is the IRS. The IRS loves them because allows them to keep tabs on ordinary taxpayers, even while it audits less than 2% of all individual tax returns. The IRS matches [...]
Deducting Donated Time or Services in a Business
Posted by brumley in Accounting, Business, Deductions, Small Business, Tax on January 29, 2011
If you are in a business and donate your time or services to a non-profit organization, can you deduct the value donated?
10 things to know about the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a valuable tax credit that should not be overlooked if you qualify.
10 Tax Benefits for Parents
Posted by brumley in Credits, Deductions, Tax on January 26, 2011
Did you know that your children may help you qualify for some tax benefits? Here are 10 tax benefits for parents to consider when filing their tax returns this year.
Are you self-employed?
Posted by brumley in Small Business, Tax on January 24, 2011
If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed and you would file IRS Schedule C, Profit or Loss From Business or Schedule C-EZ, Net Profit From Business with your Form 1040. Here are some things [...]
8 facts about filing status
The first step to filing your federal income tax return is to determine which filing status to use. Your filing status is used to determine your filing requirements, standard deduction, eligibility for certain credits and deductions, and your correct tax. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household [...]
Roth IRA withdrawal Rules
Posted by brumley in Personal Finance, Retirement, Tax on January 12, 2011
In general, you can make tax and penalty free withdrawals of the principle (contributions) at any time. However, the earnings from your principle cannot normally be withdrawn under age 59½ without paying the 10% early withdrawal penalty. Earnings can generally be withdrawn without penalties after age 59½, provided you meet the 5 year rule. Roth [...]
Qualifying for Social Security
Posted by brumley in Personal Finance, Retirement on January 7, 2011
Not everyone qualifies for Social Security when they retire. If you do not qualify, you will receive nothing. To check if you are qualifying, you need to understand how many credits you are earning.
Consider using social media to market your business
Posted by brumley in Business, Social Marketing on January 6, 2011
Many “older” business owners (defined as anyone over the age of twenty-one) undoubtedly think “social media” websites (such as Facebook, Twitter, YouTube, and hundreds of others) are simply playthings for scatterbrained teenagers. While it’s true that Junior is likely using his revved-up cell phone to blog and tweet and who knows what else, it’s also [...]
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T Scott Brumley CPA
With more than thirty years experience in accounting, tax, finance, auditing, technology and business management, T Scott Brumley, CPA rolls up his sleeves and works with his clients to solve their complex business problems.
