Many activities can be scrutinized by the IRS to determine if they are truly a business activity or a hobby. This is important because hobby losses are limited to the amount of income that is generated and are also subject to a floor of 2% of adjusted gross income as a miscellaneous itemized deduction. If [...]
The Alabama Accountability Act of 2013 signed into law earlier this year, provides Alabama state income tax credits for both: Families (individuals) with children at failing schools, that can be used to offset the cost of tuition to send their children to a qualifying private school (approximately $3,500 per year in tax credits per child), [...]
Title: Establish a New SIMPLE Plan - October 1st DeadlineDate: 2013-10-01Location: 2200 Jack Warner Pkwy, Suite 300, Tuscaloosa AL 35401Description: Employers who do not have a SIMPLE plan may start one for 2013 no later than three months before the end of the year. October 1 is the last day to start a SIMPLE and [...]