Eligible small business tops most sought-after tax advice list for February

Intuit ProLine Tax Research has provided AccountingWEB with this search cloud, showing the words and phrases that garnered the most searches in the Intuit ProLine tax products for the month of February. The larger the letters, the more searches for the topic.
 
ProLine Tax Research, powered by BNA, is available as an add-on to the Intuit professional line of tax products which includes Lacerte Tax and ProSeries Tax. The word cloud picture below represent the search terms that professional tax preparers are searching for. According to Kim Amsbaugh, of Intuit's Accountant Communications and Media Relations, more than 59,000 unique searches have been performed since January 1, 2011 in ProLine Tax Research.
 
 
As you can see, "Eligible Small Business" was the most searched for item in February. Recent legislation, including the Small Business Health Care Tax Credit and the Small Business Jobs Act, includes provisions for "eligible small businesses." For purposes of the Small Business Jobs Act, an eligible small business is:
  1. A corporation whose stock is not publicly traded, a partnership, or a sole proprietorship, and
  2. The taxpayer must have $50,000,000 or less in average annual gross receipts over the three preceding tax years.

For purposes of the Small Business Health Care Tax Credit, an eligible small business is one that has 10 or fewer full-time equivalent employees receiving annual average wages of $25,000 or less.

Other popular search items include: 

  • Bonus depreciation
  • Student loan interest
  • Energy efficient appliance credit
  • Residential energy credits
  • American Opportunity Credit
  • Head of Household Status
  • Qualified mortgage insurance premiums
  • First time home buyer credit
  • Economic Recovery Payment
  • Education credits
 

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