MHFA News

Your child may have to file a return

Your child may have to file a 2010 income tax return. Generally, a return is required if the child had wages of more than $5,700, self-employment earnings over $400, or investment income (such as dividends, interest, and capital gains) over $950. If your child had both earned and investment income, other thresholds apply. Also, if your child is due a refund, a return must be filed to get it. Contact us if you need more information or assistance.
Posted Mar. 29, 2011

Self-employed? Check this break

If you’re self-employed, the recent Small Business Jobs Act included a tax break you need to know about. On your 2010 tax return, you may deduct your 2010 health insurance costs in computing your self-employment tax. Previously these costs were deductible from income, but not from the calculation of self-employment tax. For more information or filing assistance, contact our office.
Posted Mar. 22, 2011

Full deductions restored for 2010

The 2001 tax law gradually restored two deductions for higher-income taxpayers. They can take a full $3,650 deduction for each personal exemption on their 2010 tax returns, regardless of income level. Also, there is no income-based reduction in total itemized deductions for 2010. The Tax Relief Act passed in December 2010 restored both of these deductions for 2011 and 2012. For details, give us a call.
Posted Mar. 15, 2011

New stock basis rules for 2011

New reporting rules could make it easier for you to keep track of how much gain or loss you must report to the IRS when you sell certain stocks. Effective for securities purchased after 2010, brokers and financial institutions must begin providing basis information to both investors and the IRS on Form 1099-B.
Posted Mar. 8, 2011

Business expensing limit increases

Both new and used business equipment qualify for the expanded first-year expensing option. A recent law doubled the annual limit to $500,000 for 2010 and 2011, and the dollar threshold at which the maximum deduction phases out is increased to $2,000,000. Certain real property can qualify for first-year expensing, with a $250,000 annual limit. For details, contact our office.

Welcome to Our New Website!

From all of us here at Martin Hood Friese & Associates we welcome you to our new website and hope it helps give you a better idea of who we are, what we do, and how we could help you and your business in a variety of ways. Check out some new things available to you on our site like a full list of our accounting team complete with detailed profiles and contact information, our calendar which will be updated regularly with important tax dates and company events, and our news section which brings you new and informative stories on financial matters both local and national. We hope you enjoy the new look!