Category Individuals

13
Aug

Burnin’ Down the House

Before you go burnin’ down the house for the tax write off, make sure you’re affairs are in order. At least that’s what one couple may discover after their charitable deduction was denied for their $330,000 home that they donated to the local fire department.  ESPN commentator Kirk Herbstreit and his wife claimed the charitable …

30
Jul

Future of Tax Law? Confusion.

If you are hoping to find out if your taxes are going up next year, you might have to wait until next year.  The sluggish economy, mixed with election year politics and increasing deficits, are making good tax policy and the future of tax law more and more difficult to nail down or anticipate.  While the …

8
Jul

Its Official: The IRS Is Difficult To Deal With

A couple times a year, the Taxpayer Advocate Service files a report showing the trends and concerns they have with how the IRS is doing business and treating taxpayers.  The midyear report recently submitted shows that the IRS is difficult to deal with, moreso now than previously.  Fortunately, recognition of this problem could help lead …

1
Jul

Another Homebuyer Credit Extension?

If you haven’t signed that contract, don’t get your hopes up.  However, if you signed a contract before April 30, 2010 and haven’t managed to close by the July 1 deadline, there still is hope.  Congress has passed an homebuyer credit extension for people who had signed contracts in place before April 30 to now …

15
Apr

It Is April 15th!

There is a sense of festivity in the air.  Several hundred returns have come into our office, been worked up, and are on their way to the IRS or already arrived via E-file.  But it seems that for every return we finished and sent, there was an extension filed for someone else.  For our post-season …

2
Apr

Healthcare and Taxes, Part 2

Last time, in Healthcare and Taxes Part 1, we looked at provisions of the new Healthcare bill that will hit in 2010-2013.  Today we are looking at 2014 changes, and two credits you may qualify for this year.  In Healthcare and Taxes, Part 3 , we will take a closer look at some of the intricate …

23
Mar

Healthcare and Taxes, Part 1

Sunday night, by a margin of four votes, the Senate version of Healthcare Reform passed and will be signed into law today.  With all the uncertainty, one thing is for sure: America is about to get a four year economics lesson.  Get out your supply & demand charts from Economics 101 class and follow along.  …

8
Mar

Green Incentives and Free Golf Carts? Not So Fast…

The government is coming up with new ways to incentivize you to “go green”.  Cash for clunkers got us to trade in those old gas guzzlers for new clean and efficient vehicles.  Believe it or not there are even government credits that allow some people to get paid to ride their bicycles to work.  Now …

24
Feb

Tax Changes On The Horizon

With Congress focused on everything but taxes, you might not know that tax laws are changing right now simply through attrition. Many of the Bush tax cuts have already expired and some of the more significant provisions including everyone’s rates and brackets will be expiring in less than a year.  Congress sits at the precipice …

17
Feb

10 Things You Should Know About Early Retirement Distributions

When the economy is down, sometimes once successful business owners have no better choice but to dip into that tax deferred retirement nest egg to get by.  We are seeing an unprecedented number of tax returns with early retirement distributions from retirement accounts from 2009.  When you receive that Form 1099-R, there are ten things …

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