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Five tax benefits you need to know about:

Published on: February 26, 2012 | 71 Comments

There are five tax benefits that cannot be split on the tax return when unmarried couple is living together under one roof, dependency exemption, child tax credit, EIC, the child and dependent care credit and the head of household filing status. These benefits can be split only when the parents are separated under a divorce [...]


Section 179 deduction for 2011 tax year

Published on: November 30, 2011 | 539 Comments

The deduction limit for tax year 2011, after the most recent Stimulus Act, is $500,000 while the total amount of equipment purchased not to exceed 2 million. Listed below are examples of equipment that qualifies for section 179 deduction, for the 2011 tax year, as long as it was purchased or leased and placed into [...]


Employee Benefit Program: Circuit court overrules IRS’s attempt to deny taxpayers deduction

Published on: November 29, 2011 | 549 Comments

Here is court case. A husband and his wife operate a farm. The husband is the owner and the decision maker on the farm. Before 2001, the wife worked for her husband on the farm for 20 years without compensation. In 2001, the wife becomes an employee of the farm supervised by the husband. The [...]