Category Individuals

22
Jan

Update – Haitian Donation Bill Passes

The Haitian donation bill in the Senate has passed making contributions to Haiti relief between January 12 and February 28 of this year deductible on your 2009 tax return. Contributions made to Haiti relief efforts can be reported on your 2009 tax return as an itemized charitable contribution on Schedule A.  This includes contributions made …

21
Jan

Donors to Haiti May Benefit From New Tax Law

With rare bi-partisan support, a bill is being pushed through the House and Senate this week to make 2010 donations to Haiti deductible in 2009.  Those who have been donors to Haiti might find this advantageous. Government official are working to make an additional tax deduction for donors to Haiti’s earthquake victims.  This wouldn’t be the first …

30
Dec

American Opportunity Tax Credit Expands Education Benefits

In addition to the Hope Credit and Lifetime Learning Credit, the IRS is adding a new education credit to the mix.  The American Opportunity Tax Credit (AOTC) sweetens the deal and picks up where the Hope Credit and Lifetime Learning Credit leave off. The AOTC provides a maximum credit for 2009 and 2010 of $2,500.  …

28
Dec

Healthcare Debate Takes Precedent Over Tax Issues

The Senate has been as busy as Santa’s elves on Christmas Eve trying to pass their healthcare bill, even though most of the provisions won’t even go into effect until 2011 and 2014.  In the meantime, they have tabled many important tax issues that will affect 2010. Every year Congress promises an AMT fix, and …

25
Dec

Investment Tax Savings Opportunities

As we approach year end, it may be beneficial to take that dreaded look at your portfolio and re-assess some of your long positions.  You could have some investment tax savings opportunities that you were previously unaware of. Your investment portfolio may provide several tax saving opportunities.  If you have some unrealized gains this year, …

7
Dec

First Time Homebuyer Credit Extended

The First Time Homebuyer Credit has been extended once again.  This time, it has been extended to more than just first time homebuyers.  You may be able to take advantage of this credit now even if you already own a home. Under the Worker, Homeownership and Business Assistance Act of 2009, taxpayers buying their first …

25
Nov

To Convert or Not to Convert – Roth conversion is the question

Roth conversion, converting from a traditional to a Roth IRA, can be a very attractive prospect when the market is down.  You can move your balance to the Roth IRA while the taxable amount is lower and then let them grow in the Roth account tax-free.  The ban on conversions by high income earners – the …

24
Nov

Making Work Pay Tax Credit Issues

Normally, new tax credits can be a great way to stimulate the economy.  Here is why Making Work Pay tax credit could end up making you owe taxes at the end of the year. Earlier this year, the administration passed a massive stimulus program that included Federal grants, projects and a tax credit for many …

20
Nov

Reducing ForeclosureTax Consequences, Pt. 3

After losing a property to foreclosure, many taxpayers learn that they may owe additional taxes on the canceled debt.  The following is part three of a series on tips for reducing foreclosuretax consequences and securing the most favorable tax position in a foreclosure. When faced with the prospect of foreclosure on property other than a principal residence, …

20
Nov

Protecting Account and Routing Numbers @IRS.Com

Every year we get calls from our clients regarding scam emails and notices that they have received.  The nature of the financial and accounting industry makes computer stored information a valuable resource.  Here are some tips on protecting account and routing numbers, personal information and/or your identity in one of these scams. Computer privacy attacks are on …

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