Category Individuals

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 …

19
Nov

The IRS Wants You In A New Car – New Vehicle Tax Breaks

From Cash for Clunkers to new vehicle credits, the government is brainstorming ways to save Detroit with new vehicle tax breaks.  The result is that this may be the best time to purchase a new vehicle personally or for your business. One of the significant tax breaks for new vehicles is a sales tax deduction …

29
Oct

IRS Reverses Course on Mortgage Interest Deduction

The IRS is reversing course on the mortgage interest deduction for high value mortgages. Some IRS auditors had taken the position that if acquisition debt on a home was more than $1 million, none of the interest on the amount in excess of $1 million could qualify as home equity debt.  The IRS National Office …

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