All blog entries by rice2401 (view profile)
Sept. 22, 2012
| Ri-Dor Cup Golf tournament to be played today in Kenosha, Wisconsin
40 years ago, little did Maureen Rice know when she married Art Dorrington that her three sons would be competing in golf in the Ri-Dor Cup against her three nephews. Throw in two son-in-laws and the first annual Ri-Dor Cup will be played today at Brighton Dale Links in Kenosha, Wisconsin b...
Posted by rice2401 at 10:05 a.m. | Talkbacks
May 20, 2011
| Health Insurance Tax Break For Self-Employed Likely to Disappear
Paula Fleming, a freelance copy editor in Minneapolis, spends $3,600 a year on bare-bones health insurance for herself and her husband. For the 2010 tax year, for the first time, she could deduct that amount from her income when she pays the self-employment tax, the 15 percent levy all freelancer...
Posted by rice2401 at 7:35 a.m. | Talkbacks
May 18, 2011
| Solo 401(k) lets self-employed shelter more of their income
Rules for the solo 401(k) allow you to play the roles of both employer and employee, allowing you to contribute more to the plan than you could to a SEP-IRA.If you're self employed and yearning to shelter some of your income from taxes, you probably know all about SEP-IRAs, the retirement plan fo...
Posted by rice2401 at 11:01 a.m. | Talkbacks
May 17, 2011
| Reverse Mortgages - Estate Planning and Income Taxes
A reverse mortgage is a loan program in which the homeowner receives payments from the lender rather than making payments on a loan. To qualify, you must be at least 62 years old and own your home free and clear, or have a very small loan balance relative to the value of your home. A formula is u...
Posted by rice2401 at 7:43 a.m. | Talkbacks
May 16, 2011
| Employee versus Independent Contractor
The IRS is stepping up audits on employee classification. It is very important to make the proper decision about employee classification.If an employee is incorrectly identified as an independent contractor you may be liable for the self employement taxes that you should have paid plus penalties....
Posted by rice2401 at 10:27 a.m. | Talkbacks
May 14, 2011
| New Tax Breaks for the Business Use of a Car
Are you buying a new car for business? Uncle Sam has tax deals for you. This year, there's an even bigger break than in the past for buying a behemoth gas-guzzler. If you're buying a smaller car, there's a new reason to buy one costing more than $31,000 instead of less. There's also a new nudge f...
Posted by rice2401 at 4:45 p.m. | Talkbacks
May 13, 2011
| Five Audit-Proofing Tax Tips for the Self Employed
When you're self employed filing a Schedule C with your tax return, your chances of being audited are greater than if you were a wage earner.Why? Because the IRS suspects that you will attempt to either hide income or write off personal expenses as business deductions. Let's face it, if all you a...
Posted by rice2401 at 7:04 p.m. | Talkbacks
May 9, 2011
| How to Prevent Financial Fraud at Your Business
Small business owners reported $8 billion in fraud losses in 2010, mainly related to hacked credit cards and bank accounts, according to a new study of about 900 small business owners and self-employed individuals by Javelin Strategy & Research, a research firm in Pleasanton, Calif. Of that $...
Posted by rice2401 at 7:26 p.m. | Talkbacks
May 7, 2011
| Simple Rules For Tax Disputes
No one wants to wind up in a tax dispute. You want to file your returns and hope everything goes off without a hitch. You want every income item to match up, every claimed deduction or credit to be approved, and every schedule you attach to pass muster. And you're willing to do ...
Posted by rice2401 at 4:52 p.m. | Talkbacks
May 6, 2011
| College Financial Aid can affect Income Taxes
While evaluating those college financial aid offers, be aware that there are more numbers to consider than the ones on the page. Tax consequences can both add to and subtract from your college aid. On the negative side, scholarships, grants and fellowships can be taxable to the student if they ex...
Posted by rice2401 at 3:00 p.m. | Talkbacks