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Posts in ‘Uncategorized’

Posts in ‘Uncategorized’

  • FEDS RAKE IN MONEY FROM TAX ON SOCIAL SECURITY BENEFITS

    The Congressional Budget Office has estimated that the income taxes on social security benefits will cost retirees $51 billion in 2014. About one-half of social security recipients have to pay tax on their monthly benefits and the average tax rate is 6 ½%. Of course, higher income taxpayers, those with income from other sources, pay […]

  • TAX REFORM AND PASSTHROUGH BUSINESSES

    On March 6, 2015 posted in Uncategorized

    PASSTHROUGH BUSINESSES DOMINATE U.S. ECONOMY ANDT AX REFORM MUST INCLUDE THEM, TAX GROUP SAYS    “Much time is devoted to improving the corporate side of the tax code, but corporate-only business tax reform misses a significant portion of business activity.” This is the assessment offered by the Tax Foundation (www.taxfoundation.org), a Washington D.C.-based tax research […]

  • RETAIL STORE CAN BE IN SERVICE BUT NOT OPEN FOR BUSINESS

    On March 6, 2015 posted in Uncategorized

    RETAIL STORES DOES NOT HAVE TO BE OPEN FOR BUSINESS TO BEGIN DEPRECIATION   A federal court in Louisiana has ruled against the IRS holding that a building housing a retail store can be considered “placed in service” even though the retail store is not yet open for business. The business was a home-building materials retailer […]

  • DEDUCTION ALLOWED FOR AN EXPENSE NOT LIABLE FOR

    On March 6, 2015 posted in Uncategorized

    MORTGAGE INTEREST DEDUCTION ALLOWED FOR BENEFICIAL OWNER To be entitled to tax deductions, a well-established rule says you have to pay a deductible expense–and you have to owe it. This means that you cannot get a deduction for paying an expense that you are not liable for. The U.S. Tax Court, however, refused to invoke this […]