Mother Lode Tax Tips

The Small Business Jobs Act of 2010

Richard Rogers, EA — Thu, 07 Oct 2010 16:16:26 +0000

On September 27, 2010 President Obama signed into law the Small Business Jobs Act of 2010. This act includes $12 billion in tax cuts and attempts to ease credit lending by establishing a $30 billion lending fund for community banks to aid credit availability for small businesses. Below is a summary of some of the tax provisions of this new Act.

Tax Implications of the Health Care Reform Act

Richard Rogers, EA — Thu, 20 May 2010 21:17:16 +0000

H.R. 3590, the Patient Protection and Affordable Care Act as well as H.R. 4872, the Health Care and Education Tax Credits Reconciliation Act of 2010 were signed into law in March of this year. While these new laws focus on provisions to expand health coverage, control health costs, and improve the health care delivery system they will also have significant impact of on tax liabilities for both individuals (mostly high income earners) and businesses (mostly businesses with more than 50 employees). Below is a summary of the changes that have a potential impact on individuals and business:

Haiti Donations Deductable on 2009 Tax Return

Richard Rogers, EA — Tue, 26 Jan 2010 15:42:10 +0000

According to the IRS, if you gave to a charity providing earthquake relief in Haiti you can claim the deduction on your 2009 tax return if you choose. In order to get the deduction for the 2009 year you must itemize your deductions (use Schedule A) and have made a cash contribution after January 11, 2010 and before March 1, 2010; so there is still time to make a donation and get a deduction on your 2009 tax return.

Update on California’s Tax Law Changes for 2009

Richard Rogers, EA — Wed, 20 Jan 2010 16:24:00 +0000

For those of you that will need to file a California Tax return for 2009 I thought I would go over some of the more important California tax law changes that might have some impact on your tax return. Below are listed just some of the changes that I think may have the most impact.

New IRS Mileage Rates for 2010

Richard Rogers, EA — Wed, 09 Dec 2009 15:47:07 +0000

The IRS has announced the new optional standard mileage rates which are used to calculate the deducible cost of operating a vehicle for business, charitable, or for moving purposes.