Stephen B. Jordan, EA

Stephen B. Jordan, EA

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Client Advisor/Tax Topics

Client Advisor/Tax Topics - Digital Library of Free Articles
Informative articles on the subjects of taxes, business and aging gracefully.
  
who pays what
                    Who Pays What?       
Source:  IRS: 2008 data
Congressional Budget Office: 2009 data
  • The top 1% of wage earners earn 20% of the income and pay nearly 40% of total income tax.  
  • The top 5% of wage earners earn 35% of the income and pay 60% of total income tax
  • The top 10% of wage earners earn nearly 50% of the income and pay 70% of total income tax
    • The largest gap between income representation and amount of tax paid is in the top 10%.
  • The top 50% of wage earners paid 97% of total income tax.
  • The bottom 50% of wage earners paid no income tax, estimates the Tax Policy Center.
  • The bottom 40% of wage earners were paid by the IRS equal to 10% of all federal income tax collected.
  • The bottom 50% of wage earners paid less than -0-% of total income tax, and were in fact paid by the IRS via the EITC
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Tax Topics

2014 Tax Organizer

Advantages & Disadvantages of Business Forms

Choosing the Right Business Form

Audits - Instructions and Steps

How the Audit System Works

Audits - Will your Tax Return be Audited?

"Audit Anxiety"

Automobile Use Rules/Recordkeeping - Business Use of a Vehicle

Automobile Use Rules/Recordkeeping - Business Use of a Vehicle

Basic Checklist of Personal Representative's Duties

Estate Executor Duties

Bookkeeping & Accounting Issues

Requirements of a Good System

Business Entity Choices

Definitions Of The Four Major Types Of Business Entities

Business Loans - Qualifying

Getting a Business Loan

Business Start-Up Guide

Starting a business? Here are 16 steps that you can follow to vastly improve your chances of success and avoid many of the usual and customary "set-backs" as your business is getting off the ground.

Buying vs. Leasing a Car

To Buy Or Lease?

Calendar of Tax Filing Dates

Calendar of Tax Filing Dates

Capital Gains

How to treat and compute capital gains and losses

Checklist for Corporations - Start-Up Issues for New Business

Checklist of actions that should be considered for the organization and operations of your corporation.

Checklist for Partnership - Start-Up Issues for New Business

Checklist of actions that should be considered for the organization and operations of your partnership.

Checklist for Sole Proprietor - Start-up Issues for New Business

Checklist of actions that should be considered for the organization and operations of your sole proprietorship.

Circular 230 Notice

Accountant cost fees prices rates Salem NH Accounting SBJ tax CPA EA Bookkeeping File Back Taxes Offer in Compromise Penalty Abatement Payment Plans Lien Subordination Release Tax Levy Innocent Spouse Relief 940 941 Payroll Payment Plans Audit Representation Currently Not Collectible planning preparation Federal States Electronic efile Corp S-Corp LLC Estate Trust Self Employed QuickBooks Small business Bookkeeping IRS Appeals Compromises Individuals Professionals Retired Seniors Independent Contractors past due returns solving tax problems Fast 1099 Collection Due Process CDP 1040 1120 1065 1041 706 709 W2 Quickbooks Enrolled Agent financial

Cohen Rule

Can't Find All Of Your Records? No Problem.

Depreciation Primer

Description of Cost Recovery

Divorce Tax Tips

There are 7 main issues that impact divorce

Education Tax Breaks & Section 529 Plan

What is the educational tax break, American Opportunity Tax Credit (formerly Hope Credit)? Lifetime Learning Credit? 529 Plan?

Education Tax Credits

There are two tax credits for higher education.

Employer's Tax Obligation

Witholding and Payment of Amounts Withheld

Estate Planning Primer

Your Potential Federal Estate Tax Liability

Estate Taxes

What is Estate planning? How to minimize estate tax?

Estate Tax Issues & Concepts at the Death of an Individual

Individual Income Tax Returns of Decedent • Estate Income Tax Return • Federal Estate Tax Return • Explanation of Filing Return Late or Paying Tax Late - Form 4571

Estate Tax Laws (Federal) - Simplified Summary

Simplified Summary of Federal Estate Tax Laws

Estate Tax Planning

Estate Tax Planning & the Probate Court Legal Process

Estate Tax Planning - Post Mortem

Estate Tax Planning - Post Mortem

Estate Tax Return Checklist

Things to Do in Preparation

Estate Tax Return Checklist - Form 706: Schedules

Estate Tax Return Checklist - Form 706: Schedules

Estate Tax Return Checklist - Form 706: Supplemental Documents

Estate Tax Return Checklist - Form 706: Supplemental Documents

Estate Tax - Steps When a Loved One Dies

When a Loved One Passes Away

Executor, Administrator, Personal Representative or Trustee -- Checklist of Forms & Due Dates to be Filed for Decedent, Estate and/or Trust

Executor, Administrator, Personal Representative or Trustee -- Checklist of Forms & Due Dates to be Filed for Decedent, Estate and/or Trust

Family Members on Payroll

Family Members on Payroll
Hiring Family Members

Federal Tax Information

To reduce taxable income, taxpayers can choose between itemizing tax deductions (which requires accurate record-keeping and documentation) or taking the standard deduction. The standard deduction is a fixed amount that reduces the amount of money on which taxpayers calculate tax to the federal government. Generally, it's better to itemize if you can show that you have more deductible expenses (e.g. mortgage interest + property taxes + state income tax + medical expenses + charitable contributions + union dues + etc.) than the amount of the standard deduction.

Fringe Benefit Write-Offs

From a tax savings perspective, fringe benefit planning can achieve considerable "two for one savings" results, especially for an owner who is also a qualified employee.

Gifts & Tax Consequences

Here's a quick overview of IRS rules and regulations of making gifts.

Gift Tax

The federal gift tax applies to gifts of property or money while the donor is living. The gift tax applies only to the donor. You are not required to file a gift tax return unless any single gift exceeds the annual exclusion amount for that calendar year ($13,000 in 2011).

Hiring a Domestic/Nanny

Employing A Household Worker

Hobby Loss vs. Business Checklist

Criteria of a business vs. hobby

Hobby Losses vs. Business Losses

Turning Hobby Losses into Business LossesIt happens on more than one occasion that a person turns a hobby into a business and makes money.

Home Improvement

Home Imrovement -- Use this List of Expenditures to help document additions to the cost of your home which will reduce the gain on the sale later on. Establish a permanent file which can be used to accumulate receipts for items on this list. (Includable in Tax Basis of Personal Residence).

Home Office Expenses of a One-Person Corporation

Home Office Expenses of a One-Person Corporation

Home Office Issues

Home Office Deduction. Having your own business and working out of your residence affords you the possibility of taking an office in home deduction against qualified business net income.

How a Business Pays Income Taxes

Having a business of your own creates new responsibilities for paying income taxes on the profits. Unlike working for someone else as an employee, where the income taxes are supposed to be withheld from your pay, as a business owner you must pay income (and self-employment) taxes a different way.

How Long do You Need to Keep Your Records?

By law, you must keep your tax records for as long as they are needed for the administration of the Internal Revenue Code, which means keeping the documents supporting the income and deductions shown on your tax return until the period of limitations for that return expires.

Incorporation Basics - S vs. C

It is important for a business owner to have a working knowledge of some of the major issues that must be faced in this incorporation decision-making process.

Individual Return Key Filing Dates

Key Federal filing dates for Individuals are listed here. People normally pre-pay estimated taxes if they are self-employed, in order to avoid penalties during the April filing season. Other estimated taxpayers may have significant investment income, win the lottery or receive other money that isn't subject to normal withholding.

Insurance Types & Requirements for Business

A rundown on different coverages a business owner should consider.

Internal Revenue Service - Fact Sheet

The only certainties in life are death and taxes.

Investing/Saving Primer

"Secrets to savings success"

IRAs

ROTH or Traditional | Making the Smart IRA Choice | Income In Respect of a Decedent -- Income-tax deduction for the amount of estate tax paid on the IRA assets you received

IRS Collection Procedures

IRS Collection ProceduresAttorney Robert McKenzie, Contributor

Keeping Business Tax Records

Keeping Business Tax Records

Lease Agreement - Sample for Review Only

Commercial Lease

List of Basic Items for Executor to Obtain

The following is a basic list of items for the executor to obtain to enable the practitioner to prepare the estate tax return. Depending on the size of the estate and other factors, other items may be necessary:

LLC Taxes - How do YOU file?

Understanding how to file LLC taxes, S Corporation taxes and taxes for other business entities can be one of the biggest headaches of owning your own business. Filing taxes for a business entity like an LLC can be especially confusing because of the multitude of options the IRS allows for Limited Liability Companies. The IRS does not recognize Limited Liability Companies as a tax classification. Therefore, for tax purposes, you must select an IRS-recognized business tax classification.

Loan Agreement - Sample of Installment Note

For Value Received...

Lump Sum Distributions

Tax-saving strategies for Retirement Account Withdrawals

Marriage Tax Tips

Some Financial Issues to Consider for Married Couples

Mortgage Qualifying Methodology

Owning a home

Mortgage Types

Available to You

Newlywed or Recently Divorced

Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA).

Newlyweds Tax Tips

Late spring and early summer are popular times for weddings. Whatever the season, a change in your marital status can affect your taxes. Here are several tips from the IRS for newlyweds.

NH - Business Tax Rates

Does NH have an Income Tax or Sales Tax? | Frequently Asked Questions.

NH - State Fact Sheet

Fact Sheet - State of New Hampshire

Non-Cash Donations

Donations other than Cash

Offer in Compromise - Documentation Checklist

Documents being included when submitting an Offer

Partnership Late Filing Penalty Abatement

Everyone knows that the IRS charges you a penalty if you file your income tax return late. As most of us know, that the penalty is a percentage of the amount of taxes owed. But what about Partnerships that pass-through their income to their partners, and pay no income tax? Is there a penalty for filing a Partnership income tax return late? Of course, knowing the IRS, there must be. The late filing penalty for a 2010 Partnership income tax return will increase to $195 for each month the return is late multiplied by the total number of partners in the Partnership.

Pay Your Tax Bill/Payment Plans

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Payroll Issue Basics

Basic Employer Payroll Issues. Quick Overview Of Some Labor Law Guidelines

Payroll Taxes -- IRS Unveils Key Penalty Findings

Payroll Taxes -- IRS Unveils Key Penalty FindingsAttorney Robert W. Wood, Contributor

Penalty Abatement Request Letter - Sample

You can only receive a penalty abatement from the IRS if you can show good or reasonable cause for being unable to pay your delinquent taxes in full.

Reasons beyond your control that made you unable to determine your tax or pay your tax even though you were using ordinary care in your business operations.

Recordkeeping

Keeping Your Tax Records Organized

Recordkeeping Issues in Case of Audit or Review - Bookkeeping Recommendations

There are some sensitive areas where care must be taken in reporting your business income and expenses. The following list will give an overview of entries which have the potential of being mishandled and which could create problems, especially in review or audit-type situations.

Recordkeeping Requirements

How long should you keep tax records? If your attic is getting filled up with old records, perhaps this will help.

Rental Property

Tax Guide for Rental Real Estate

Retirement Plan Options

Qualified Retirement Plans

Sale of Personal Residence

Tax effects of selling a residence

Sale of Principal Residence

How to treat the sale of your principal residence?

SFR - Substitute for Return

When a taxpayer does not file a return for one year or many years, frequently the IRS will file the return(s) for you.

Shareholders/Partnership Agreement

The formation of a business with more than one owner is like a marriage.

So You Want to Start a Business!

Highlights of a sole proprietorship.

Social Security - An Overview

Primer on the Social Security System

Special Report: Tax Saving Tips for the Self-Employed

Gimme My Money Back! Underpaid and Overtaxed? ©1997-2000 Sanford Botkin, Michael Kenny & L. Roger Essen

Steps When Leaving a Company

Financial Issues When Leaving a Company

Subcontractor vs. Employee

One of the hottest issues in the eyes of the IRS revolves around determining a true independent contractor from a "disguised employee."

Taking Money out of a Corporation

The overall plan is to have a successful corporation in which you can eventually enjoy the fruits of your labor.

Resources Small Business/Tax & Accounting

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Tax Appointment - What to Bring

Preparing a tax return is like solving a puzzle - using creativity, knowledge, and adherence to tax law. We thoroughly enjoy a good puzzle and actually like tax return preparation! We prefer to take a proactive vs. reactive approach to tax services...

Tax Deduction Checklist & Mileage Rates

"A penny saved, is a penny earned." -- Benjamin Franklin

Tax Preparation Checklist

Tax time is inching closer, but there is no need to panic. Here is a checklist provided by the National Association of Enrolled Agents to help make this annual task go smoothly.

Tax Problems Solved

Unfiled Returns :: Audits and Notices :: Penalties Removed :: Levies on Wages :: Offer in Compromise

Tax Rates & Brackets

"What's my tax bracket?"

Tax Resolution | Tax Problems? Past or Present...

Haven't Filed in a While? Owe Money to the IRS? Now What?! We Can Help You! FREE CONSULTATION!

Tax Rescue

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Tax Savings Tips for the Self-Employed

Some ideas self-employed people can use to save tax dollars.

Tax Scams

The Tax Protester Movement - "The Greatest Show on Earth"

Ten Things the IRS Wants You to Know About Identity Theft

The IRS does not initiate contact with a taxpayer by e-mail. If you receive an e-mail scam, forward it to the IRS at phishing@irs.gov

Track Your Tax Refund

Accountant cost fees prices rates Salem NH Accounting SBJ tax CPA EA Bookkeeping File Back Taxes Offer in Compromise Penalty Abatement Payment Plans Lien Subordination Release Tax Levy Innocent Spouse Relief 940 941 Payroll Payment Plans Audit Representation Currently Not Collectible planning preparation Federal States Electronic efile Corp S-Corp LLC Estate Trust Self Employed QuickBooks Small business Bookkeeping IRS Appeals Compromises Individuals Professionals Retired Seniors Independent Contractors past due returns solving tax problems Fast 1099 Collection Due Process CDP 1040 1120 1065 1041 706 709 W2 Quickbooks Enrolled Agent financial Track Your Federal State Tax Refund

US Income Tax - Brief History

US Income Tax - Brief History

Why Incorporate?

Why Incorporate? Corporation can provide the protection and tax savings needed to give you peace of mind and make your business even more successful and profitable.

Client Advisor

ConsumerHealthLabs - Geriatric Care

I’ve just started on a new project in geriatric care, Chloe Pearson, ConsumerHealthLabs

Essential information for seniors

To help educate seniors and their caretakers about how to maximize their wellness.

Fee Schedule

Accountant cost fees prices rates Salem NH Accounting SBJ tax CPA EA Bookkeeping File Back Taxes Offer in Compromise Penalty Abatement Payment Plans Lien Subordination Release Tax Levy Innocent Spouse Relief 940 941 Payroll Payment Plans Audit Representation Currently Not Collectible planning preparation Federal States Electronic efile Corp S-Corp LLC Estate Trust Self Employed QuickBooks Small business Bookkeeping IRS Appeals Compromises Individuals Professionals Retired Seniors Independent Contractors past due returns solving tax problems Fast 1099 Collection Due Process CDP 1040 1120 1065 1041 706 709 W2 Quickbooks Enrolled Agent financial

Fun Page - IRS 1040 IOU

Fun Page - IRS 1040 IOU

Fun Page - IRS 1040 OMG

Fun Page - IRS 1040 Oh My God

Fun Page - Letters, Notices & Forms from the IRS

NOTICE: The IRS numbers and forms change frequently and from region to region. CAUTION: Do not attempt this alone. Truth be told, the IRS means business! Seek an Enrolled Agent if you are unsure about your circumstances. Any notice from the IRS is a serious matter and should be dealt with swiftly!

Notable Quotes

Notable Quotes

Privacy Policy

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Smart Banking

Have you noticed that most major banks are announcing record profits? What can you do to become a smart bank shopper? Here are some tips.

Terms & Conditions

Accountant cost fees prices rates Salem NH Accounting SBJ tax CPA EA Bookkeeping File Back Taxes Offer in Compromise Penalty Abatement Payment Plans Lien Subordination Release Tax Levy Innocent Spouse Relief 940 941 Payroll Payment Plans Audit Representation Currently Not Collectible planning preparation Federal States Electronic efile Corp S-Corp LLC Estate Trust Self Employed QuickBooks Small business Bookkeeping IRS Appeals Compromises Individuals Professionals Retired Seniors Independent Contractors past due returns solving tax problems Fast 1099 Collection Due Process CDP 1040 1120 1065 1041 706 709 W2 Quickbooks Enrolled Agent financial

Ways to pay off debt post retirement

Here are some tips to manage your finances and repay debt when you’re no longer working.