Category Individuals


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 …


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 …


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.  …


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 …


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 …


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 …


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 …


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 …


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.  …


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 …

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