Entries by Brian Kelsch

Small Business gets a Break on Start Up Expenses

Small Business gets  a Break on Start Up Expenses When and how do I deduct expense incurred before I opened my business? Most new business and rental property owners will pay or incur expenses for investigating the viability of a business and expenses before actually opening the business or renting the property.  These expenditures are […]

Will these tax breaks be extended?

As of December 9, 2014 there are more than 50 temporary tax provisions that have not been extended for 2014. This normally would not be an issue as tax laws change frequently. The problem is that many taxpayers are expecting them to be extended for 2014, but without Congressional action they will not be part […]

2015 Taxes

As usual there are plenty of unknowns and changes as we close the 2014 tax year and prepare to file tax returns in 2015. First, the good news. Tax rates are unchanged for the first time in a while — the bottom rate remains at 10 percent and the top rate remains at 39.6 percent. […]

Amending your tax return

Ever wondered what you would do if after filing your taxes you realized that you missed a deduction, didn’t correctly interpret a tax law change that impacted you, or simply made a mistake? The IRS offers a solution for both personal and business tax returns which allows taxpayers to fix their originally filed return by […]

Are there any tax breaks for summer camp for my kids?

The child and dependent care credit is designed to assist working parents and guardians with some of the expenses involved in raising a child or caring for a disabled dependent. The credit, which varies depending on the taxpayer’s earned income, is based on the expenses paid to provide child or dependent care services so that […]

Energy Efficient Tax Credits

The fiscal cliff bill also known as the American Taxpayer Relief Act of 2012 extended certain tax credits for energy efficient purchases made in 2012 and 2013.  Due to this late change by Congress the IRS is currently updating their Form 5695 and e-file computer systems. They recently announced they do not anticipate being able […]

Individual request for tax filing extension

Often times I hear individuals and media broadcast that the tax filing deadline is April 15th. While this is not wrong the better phrase would be tax payment deadline. The Internal Revenue Service has an initial deadline of April 15th to file your federal tax return, but allows individuals to request an automatic six month […]