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Physician Credits for Electronic Health Records

Beginning in 2011, credits will be available to physicians for implementing electronic health records (EHR). An estimated $27 billion in federal incentives and bonuses will be available to doctors who comply and meet the “meaningful use” requirements. These requirements, as set forth by The Centers for Medicare and Medicaid Services, entail specific mandates such as recording 50 percent of lab... Read More

Obamacare Kills Dividends – by Richard Taylor

For the past seven years, dividends have enjoyed a Federal tax rate of 15%. This is all about to change under the new health care bill. The new bill adds an additional 3.8% Medicare tax to all dividends, interest, capital gains, annuities, royalties, and rental income for all joint taxpayers with adjusted gross income of $250,000 and single taxpayers with adjusted gross income of $200,000. This will... Read More

Hiring Incentives to Restore Employment Act

In an effort to help reduce the unemployment rate and stimulate hiring, there are two new tax benefits available to employers who hire and retain workers who were previously unemployed. Employers who hire unemployed workers after February 3, 2010 and before January 1, 2011 may qualify for a 6.2% tax incentive. This would effectively make them exempt from their share of Social Security taxes on wages paid... Read More

Increased FDIC Insured Amounts Extends Through 2013

With the challenges in the banking industry, many American’s have wondered if their money is safe in a bank. Initially, there was a bill put into effect that would temporarily increase the FDIC insurance limits on most bank deposits. More recently, President Obama signed a bill that postpones the expiration of the increased FDIC insured limits. Under the new law, $250,000 per depositor will be... Read More

Substantiating Charitable Deductions

A recent Tax Court case reaffirms the need to substantiate donations. Taxpayers indisputably wrote checks to a church as contributions and provided the cancelled checks. However, they had not received the contemporaneous acknowledgment from the church, and the court held that the IRS had no latitude to allow the deduction. Substantiation is required. No deduction is allowed for any cash contribution unless... Read More

Don’t Make These Mistakes at Tax Time

If you are eager to get your tax return check in hand, there are some common errors to avoid that might delay processing. If you pay attention to the details and avoid common mistakes you can avoid unnecessary delays and get your check in hand a little sooner. Here are a few tips: Double check social security numbers. Believe it or not, taxpayers commonly make mistakes in entering social security... Read More

Are Municipal Bonds Safe?

Bonds and especially municipal bonds have always been considered the safe haven for investments with stable but small returns. Is it possible for municipal bonds to decline in value? Here is a real life example, very likely in today’s world. You purchase a $100,000 municipal bond in the City of Rockvillegeneral revenue bonds. A few months later you discover that the city is having difficulty... Read More

Entertainment Tax Credits in Georgia

Georgia has recently expanded the entertainment credit that was enacted a few years ago. Georgia now has a 30% credit for production costs incurred in Georgia. Many of the production companies do not need the credits because they don’t have Georgia taxable income. They can elect to make a one-time transfer of the credit. The production company submits the budget and gets pre-approved by the state.... Read More

Daylight Savings Time This Weekend – Why do we spring forward?

We all know the saying, “Spring Forward, Fall Back.” Every spring we move our clocks forward an hour when Daylight Savings Time begins, and move them back in the fall when it ends. This weekend (technically Sunday, March 14 at 2:00 a.m.) don’t forget to change your clocks. Starting in 2007, Daylight Savings Time was extended by one month – beginning at 2:00 a.m. on the... Read More