An immediate expense deduction that business owners can take for purchases of depreciable business equipment instead of capitalizing and depreciating the asset. The Section 179 expensing method is offered as an incentive for small business owners to grow their businesses with the purchase of new equipment. The Section 179 expense deduction is limited to such items as cars, office equipment, business machinery and computers. This speedy deduction can provide substantial tax relief for business owners who are purchasing startup equipment - even costing hundreds of thousands of dollars. For example, in the 2007 tax year, the Section 179 expense can provide a deduction of at least $125,000, or $225,000 for equipment that is used inside the Gulf Opportunity Zone, and at least $3,060 for vehicles.
A tax credit available for taxpayers who are repaid in a later year more than $3,000 in wages from a prior year. Section 1341 allows taxpayers to claim a credit for taxes paid on wages not received from the previous year. The Section 1341 credit thus allows taxpayers to avoid filing an amended return for the previous tax year. The Section 1341 credit is on line 70 of Form 1040. The taxpayer must write "IRC 1341" in the blank space next to the box. The credit is computed by refiguring the tax return from the previous year as if the wages had not been paid. Then the difference in tax is claimed as a credit on the current year's return. The taxpayer also has the option of either claiming the credit or deducting the repayment as a miscellaneous itemized deduction, whichever provides the greater benefit.
A type of investment defined by the Internal Revenue Code (IRC) as a regulated futures contract, foreign currency contract, non-equity option, dealer equity option or dealer securities futures contract. Each contract held by a taxpayer at the end of the tax year is treated as if it was sold for its fair market value, and gains or losses are treated as either short-term or long-term capital gains. The Internal Revenue Service (IRS) is responsible for implementing the IRC. Investors reports gains and losses for Section 1256 Contract investments by using Form 6781. Hedging transactions are treated differently. More specific information can be found in Subtitle A (Income Taxes), Chapter 1 (Normal Taxes and Surtaxes), Subchapter P (Capital Gains and Losses), Part IV (Special Rules for Determining Capital Gains and Losses) of the Internal Revenue Code.
Money given to a person who has relocated for work to help them meet their immediate financial obligations upon moving. The settling-in allowance may be given as a lump sum or may be reimbursed upon submission of related receipts. A settling-in allowance might be used for expenses such as temporary lodging, meals, storage of personal belongings and other incidental costs of settling in at a new location. Companies may assist employees who have to move for work, whether because of a transfer or a new job offer, in many ways. In addition to a settling-in allowance, they might award a relocation allowance or direct reimbursement for relocation expenses. Relocation expenses often include transportation, accommodation and meals for house hunting trips, temporary lodging upon arrival in the new location, moving company and storage costs, and costs associated with selling and acquiring a primary residence, such as real estate commissions and other closing costs. For temporary relocation, a company might provide both a settling-in allowance and a living allowance.
A two-hour exam offered by the Financial Industry Regulatory Authority (FINRA) that tests a person's knowledge of how direct participation programs (DPPs) are structured, how to manage registered representatives within a broker/dealer, and the regulatory and fiduciary requirements of the FINRA and the Securities and Exchange Commission (SEC). The Series 39 exam consists of 95 questions, and a score of 70% or better is required for a passing grade. Qualified individuals can become principals at broker/dealers that deal in or market DPPs, which are typically set up as limited partnerships (LPs). The Series 39 exam is also known as the direct participation program limited registered principal qualification exam. Common examples of DPPs are oil and gas LPs, real estate partnerships and S corporations. They can have immense tax advantages such as flow-through income, meaning that structures are set up as corporations but income flows through to shareholders directly without being taxed. Note that investors in these securities should be in constant consultation with their tax advisors to ensure that they comply with IRS restrictions and filing requirements.
A separate Form 1040, or a variant thereof, filed by a married taxpayer who is not filing jointly. A separate return is usually filed either by a married couple who are divorcing or by a married couple where one spouse has much higher income and deductions than the other. Taxpayers who file separately forfeit a number of tax credits, such as the earned income credit and the dependent care credit. They are also ineligible to make Roth IRA contributions or convert their Traditional IRAs to Roth IRAs.
A tax imposed on self-employed people, who must pay this tax in order to receive social-security benefits upon retirement. The self-employment tax may be reduced if the person also pays social security and Medicare taxes through another employer.
An independent contractor or sole proprietor who reports income earned from self-employment. Self-employed persons control who they work for, how the work is done and when it is done. Self-employed persons must pay estimated taxes, usually on a quarterly basis, to cover their FICA and FUTA contributions. They must pay twice as much of the FUTA tax as W-2 employees, who have half of their Social Security and Medicare tax paid by their respective employers. All self-employed persons report their business income and expenses on Schedule C.
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