Tuesday, July 31, 2012

Florida's Sales Tax Holiday!!!

Florida: On Aug. 3-5, the following are exempt: clothing with a sales price of $75 or less per item and school supplies with a sales price of $15 or less per item. The holiday exemption is inapplicable to sales of such items made within a theme park, entertainment complex, public lodging establishment or airport.

Tuesday, July 24, 2012

Operating a horse ranch!

An attorney and his wife operated a horse operation as a business and deducted the losses as a business loss FOR 25 years. The IRS reviewed the couple, found lax record keeping at the horse farm and disallowed the losses. Moral, strive to make money eventually AND have fun with your endeavors. They had the fun part!

Friday, July 20, 2012

Kids are dependents, well most of the time...

Married individuals were not entitled to dependency exemptions where their children were not U.S. citizens during the relevant tax years, and were not entitled to the child care credit, the child tax credit, or the additional child tax credit for the same reason. Accuracy-related penalties and additions to tax for late filing were applicable.