| Credits for Gasoline and Special Fuels Excise Taxes |
| Certain taxpayers are entitled to a credit for federal excise taxes paid on gasoline and special fuels when the fuel has been used for farming purposes, for other off-highway business use, and for public transportation purposes. Generally, taxpayers may take the credit against income tax for the year in which the qualifying use occurred, not necessarily in the year of payment. In addition, if the tax credit will exceed $1000 for fuels used during any of the first three quarters of the tax year, a taxpayer is entitled to file a quarterly claim for refund for that quarter.More... |
| Deductibility of Refinancing Costs |
| Home mortgage interest rates rise and fall with the tides of the economy, and savvy owners often take advantage of declining rates to refinance their mortgages. Not only does the taxpayer get the benefit of a reduced monthly payment, but he or she may also be entitled to deduct some of the costs of refinancing. More... |
| S Corporation Officers as Employees |
| Generally, officers of a corporation are employees for employment tax purposes, and their compensation is wages. Thus, their wages are subject to Social Security, Medicare, and federal unemployment taxes along with withholding for federal income tax purposes. Only a corporate officer who does not perform any services or who performs only minor services and who neither receives nor is entitled to receive, either directly or indirectly, any compensation is not considered an employee.More... |
| How Long Should a Taxpayer Keep Records? |
| Piles and piles of tax returns, papers, bank statements, and canceled checks are accumulating in your attic. Just how long do you have to keep all of this?More... |
| Excess Passive Income in an S Corporation |
| Generally, an S corporation pays no federal income taxes. Any income or loss is usually passed through to shareholders in proportion to the ownership interests on a per-share, per-day basis, and the shareholders report their portion of the entity's income or loss on their individual tax returns. However, additional taxes may be assessed against S corporations with excess passive income. More... |
 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
