I took this picture of a dental office that doubles as a pharmacy on a recent trip to Honduras. I saw several medical offices during, what felt like, “roller coaster” taxi rides around the city of Tegucigalpa. Many were similar to this building except that the others I saw had a fence or a wall in […]
Key Figures for the New Year in 2010
IRS Standard Business Mileage Rate Under the standard mileage rate method, a taxpayer who owns or leases an automobile (including a van, pickup or panel truck) and uses it for business may claim an expense deduction equal to the standard mileage rate time the number of business miles traveled in the year. I find that […]
Planning for IRA Contributions
Over the past several years, I have suggested to healthcare clients who did not have a deductible or “rollover” IRA account and were participants in a retirement plan, that they make nondeductible IRA contributions. While the IRA was not deductible on the personal return, the earnings continued to be tax-deferred. We were also planning for […]
Retirement Plan Update
The IRS has mandated that all qualified plans that use a pre-approved plan document restate their current plan to include the Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”). Plans must be restated on an approved plan document by April 30, 2010. If you haven’t made plans for updating your plan, be sure […]
“Making Work Pay” Tax Credit
The recently enacted “American Recovery and Reinvestment Act of 2009” contains a wide-ranging tax package that includes tax relief for low and moderate-income wage earners, individuals and families with college expenses, and home and car purchasers. The centerpiece of the tax package is a “Making Work Pay” tax credit of up to $400 per year […]
Key Figures for 2008
IRS Standard Mileage Rate Under the standard mileage rate method, a taxpayer who owns or leases an automobile (including a van, pickup or panel truck) and uses it for business may claim an expense deduction equal to the standard mileage rate time the number of business miles traveled in the year. I find that medical […]