How “Qualified” are your relatives?
One of the tests to claim a dependent is that the person must be a qualifying child or relative. Like most things with IRS, the meaning of their terms is never simple. Here are some of the tests used to qualify your dependent as a write-off. Tests To Be a Qualifying Child Tests To…
Read MoreDownside of Online: Cyber Crime & Stolen Data
by Rick Viall (Guest Editor) How safe is private information when stored electronically? You may not want to know the answer to that question. But if you’re just a bit curious, consider visiting privacyrights.org/data-breach. The site allows you to scroll through a frequently updated chronological list of reported breaches of private…
Read MoreDon’t like the “rich” getting lower capital gain rates? Don’t worry; it’s going up 67%!
Before the anti-capitalists rejoice too much . . . Just remember that, in our capitalistic system, all economic benefits for both rich and poor are driven by the formation of capital. If it becomes harder to hang on to your capital, then there will be less fuel for the economy’s engine. That said, here’s where the highest capital gain…
Read MoreHidden provisions in the Extended Payroll Tax Cut
Payroll Tax Cut Extended for All of 2012 On February 22, 2012, the Temporary Payroll Tax Cut Continuation Act of 2011 was permanently extended for all of 2012. This extends the two percentage point payroll tax cut for employees, continuing the reduction of their social security tax withholding rate from 6.2 percent to 4.2…
Read MoreUSA Debt per Capita
You can measure a nation’s relative economic strength by a ratio of debt per capita. This is not our proudest economic moment as a country. (Source Senate Budget Committee)
Read MoreLet the rich guys pay this tax bill
Why wouldn’t we let them pay? The non-payers (but still voters) have almost reached 51%
Read MoreIndependent Contractor vs. Employee – IRS throws a bargaining chip into the mix
The IRS has launched a new program that may help employers to resolve past worker classification issues (Independent Contractor vs. Employee) at a relatively low tax cost by voluntarily reclassifying their workers. As regular readers know, IRS’ attitude on this issue has been less than helpful in the past. Personally, I do not know of…
Read MoreAsset Protection Advice
This initial podcast was intended for doctors but it’s applicable to others as well. Asset protection expert Martin Shenkman gives advice on how to keep your net worth secure. https://elitecpatax.com/audio/assetprotection.mp3
Read MoreChanging the Password on your SCA portal
Security professionals advise changing passwords from time to time. Here’s how you do it with the client portal that we provide. There are only two steps. Click on your name in the upper right corner. Then click Update Password. If desired, you can also change your login from the default (your email address) for even…
Read MoreA great time to invest?
Our tongue-in-cheek humor as we look at the reporting and sale of investments.
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