Recently in Business taxes Category

August 24, 2010

Tax Problem -- State sues TV's 'tax lady' for alleged swindles

Avvo.jpgAs I have written on a number of occasions, people find all kinds of ways to get into tax troubles with the Internal Revenue Service. A surprising number of people fail to file their taxes every year. A much larger number of people find they don't have the money to pay their tax bills, especially people who are self-employed. Many small business (and some not so small business) owners fail to pay withholding taxes to the IRS and risk getting into tax trouble both on a business and a personal basis.

Inevitably, when people find themselves in trouble, they also find people all too willing to take advantage of their problems. Many of my clients come to me after they have tried tax relief agencies they have found through advertisements. The story is always the same: "I paid them $X,000, and they didn't do anything. They wouldn't return my telephone calls, but when they finally did call me back, all they wanted was more money."

Here is an article about one of these tax mills being sued for just this type of behavior. I have no idea whether the allegations are true of this attorney, but I wouldn't be very surprised if they were. What surprises me most is the failure of the IRS and local bar associations to protect the public.

If you have a tax problem, give me a call. Talk to me. Check me out. I'm not free, perhaps not even inexpensive. But doing things correctly is always the least expensive choice.

Your Cincinnati Tax, Probate, Elder Law, and Estate Planning Attorney

Paul A. Nidich
http://paulnidich.webs.com/

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July 26, 2010

The Americans With Disabilities Act -- Happy Birthday

June 1, 2010

Election to Expense Certain Depreciable Assets

Section 179 of the Internal Revenue Code permits a taxpayer to elect to treat certain property that would otherwise be required to be depreciated to be treated as a deductible expense. Previously, the limits of the amount of the deduction were limited to $125,000 reduced by the amount the property cost that exceeded $500,000. These two figures were to be adjusted for inflation with the last adjustment increasing the $125,000 to $135,000 and the $500,000 to $530,000.

The 2008 Stimulus Act changed these two figures to $250,000 and $800,000, respectively, without any inflation adjustment for 2008 and 2009. The HIRE Act extended the $250,000 and $800,000 limits for 2010.

If you are in a position to purchase depreciable property in 2010, remember these Section 179 provisions when you file your 2010 income taxes.

Your Cincinnati Tax Attorney

Paul A. Nidich
http://paulnidich.webs.com

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