Category Individuals

23
Jun

IRS Increase in 2011 Mileage Rate

The IRS may be feeling your pain at the pump.  The result is an increase in the 2011 mileage rate.  The standard mileage rate is going up to 55.5 cents for business miles driven between July 1 and December 31 of 2011.  This is a 4.5 cent increase over the current effective rate of 51 cents.  …

21
Jun

Foreign Bank Account Regulation (FBAR) Deadline Approaching

If you have a financial interest in a foreign bank account, you should be familiar with filing Form TD F 90-22.1. Regulations regarding this form have changed as recently as June 6, 2011 . These changes affect a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, …

24
May

Is An Audit In Your Future?

The IRS has released new statistics on audits for 2010 and your chance for an audit is the highest it has been since 1997.  For individual returns, 1.11% of all returns were audited.  For upper income earners, the statistics were even worse.  Filers with income between $200,000 and $1 million were audited at twice that …

8
Apr

Government Shutdown and Tax Refunds

We are now about 15 hours away from the deadline.  No, I’m not talking about the tax deadline, I am talking about the deadline for the government to pass a funding bill to prevent a government shutdown.  Many of us, frustrated with how poorly Washington has done at coming together to pass this budget, might …

24
Mar

IRS Increases Examination of Rental Real Estate Losses

The Internal Revenue Service has agreed with recommendations in a newly released government report urging the agency to increase its examinations of individual tax returns that report rental real estate losses.  For many Americans this could mean a decrease in the amount of tax losses they report on their tax returns and increases in income …

6
Mar

Just over a month to go; tax deadline approaches!

The corporate tax deadline is just about a week away.  That will mark just over one month until the individual tax deadline.  The deadline is April 18th this year because of Emancipation Day, a local holiday in Washington DC. Have you submitted your tax information to your accountant yet?  If not, here are some tips to …

14
Feb

Administration Budget Revealed

With the administration budget revealed, and it appears taxes and deficits are going up.  At least that’s the plan if the President’s budget passes as is.  President Obama will try once again to increase taxes by limiting mortgage, tax and charitable deductions for upper income earners.  This proposal did not pass a Democrat majority in …

19
Jan

IRA nontaxable transfers to charities are back!

Taxpayers who are age 70 1/2 or older can make tax-free distributions to a charity from an Individual Retirement Account (IRA) of up to $100,000. These distributions aren’t subject to the charitable contribution percentage limits since they are neither included in gross income nor claimed as a deduction on the taxpayer’s return. These tax-free distributions …

6
Jan

So long, credits and deductions?

Would you be willing to lose your credits and deductions including mortgage interest deduction, charitable giving deduction, education credits, child tax credits,  IRA deduction and tax free health benefits from your employer?  What if it meant cutting your marginal tax rate in half and making tax prep easier?  The only thing growing at a faster rate …

17
Dec

Tax Compromise Bill Passes!

The tax compromise bill passes! After the House defeated an amendment to remove the Estate Tax fix and an all nighter of debate, they passed the original Senate bill 277-148.  What are the implications?  Tax rates will not go up for anyone until 2013.  The Estate Tax will have an exemption of $5 million starting …

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