Category Individuals


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 …


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 …


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 …


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 …


Tax bill stalled but details continue to emerge

Honestly, we didn’t see this coming.  For people who are excited about the potential for a reduction of 2% on their Social Security taxes, you might not realize why the President put this into the compromise.  President Obama’s Making Work Pay Credit is expiring January 1, 2011 and it now looks as though it will …


Tax relief!  Not so fast?

I was hoping to write a tax relief blog this morning about the pending political compromise between the White House and Congressional Republicans that would extend current tax rates for all Americans, set a $5 million exemption for the Estate Tax, cut Social Security taxes, and extend unemployment benefits.  While I think some version of this …


ANOTHER 2011 Tax Hike?!?

Will there be another 2011 tax hike? While many are baulking at the $700 billion over 10 years to renew the 2001 tax cuts for families who make over $250,000, and no decision has been made on these tax cuts for everyone else in America, there is another tax break that is set to expire …


Taxes they are a rising … Third wave

As the midterm election storm is brewing, we are closely watching the potential effects of party and committee changes on taxes and tax law.  One thing is for certain, this election has the potential to have a big impact on your wallet through the stay or repeal of recently passed health care bill. More of a …


Scam Alert!  EFTPS Email

It’s scamming season again!  Last year about this time an email was going around about unreported income claiming to be from the IRS.  This year’s scam alert is an email claiming that your EFTPS payment didn’t go through.  The IRS will never send unsolicited email. This email starts by saying Your Federal Tax Payment ID:(some made …


Taxes they are a rising … First wave

The hurricane season has brought plenty of attention to future weather patterns and strong waves for surfers in North Florida this Summer.  However what concerns me more is the recent actions and in-actions by our elected officials in Washington which have the potential to bring waves of tax increases.  These waves are powerful and will …

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