The American Recovery and Reinvestment Act of 2009 provides several new or enhanced tax credits and other incentives. Read more …
By Todd D. Borger, CPA and Robert J. Nolan, EA, CPA, October 2008
Rarely does a year pass without Congress changing the tax code, and 2008 was no exception. Most 2008 changes will affect few taxpayers, but some, like the Housing and Economic Recovery Act of 2008, could affect many. Read more …
Taxpayers have always been responsible for the accuracy of their tax returns, so the idea should not be new to anyone who has filed a return. But for first-time filers, or for those who have not filed in some time, there are ways to avoid possible run-ins with the IRS. Read more …
By John Bosio, October 2008
In their search for a tax deduction or a tax break, many times tax clients consider donating property or vehicles in hopes they can dispose of something they don’t want the hassle of selling, and at the same time, benefit their Schedule A. Read more …
By Shelley B. Drevas, CPA, September 2008
Whether a worker is classified as an independent contractor or an employee greatly affects the taxes and other costs a small business owner must pay. Read more …
By Merry Broughton, EA, August 2008
The new Housing Act gives tax breaks for homebuyers and homeowners, liberalizes low-income housing tax credit rules, relaxes tax-exempt bond requirements and eases AMT rules. What are the major provisions for the average homeowner? Read more …
By Jamie S. Baker, October 2007
Over the years, taxpayers have become accustomed to deducting mortgage interest on Schedule A. But many do not understand that although you can deduct home mortgage interest on Schedule A, you may have to include a portion of that deduction on Form 6251, Alternative Minimum Tax. Read more ...
By Sam Albright, EA, October 2007
Smart tax planning requires maintaining accurate records on your income, expenses, and the deductions you take on your tax returns each year. It also requires safekeeping of items, such as records of stock purchases or HUD statements, that determine your capital gain or loss when you dispose of an asset. The proverbial shoebox is a poor tool for file storage and security. As a first step in smart planning, get a safety deposit box at your local bank, or a fireproof safe for your home. And then use it to get organized! Read more ...
By Merry Broughton, EA, October 2007
About one in five taxpayers will have to pay the Alternative Minimum Tax (AMT) by 2010, unless reforms are made. Not only will taxpayers in the $100,000–$500,000 income range owe AMT, but taxpayers in the $50,000–$100,000 income range will be surprised to learn they owe it too. Read more ...
Smart planning is vital to reducing your tax liability to the absolute minimum in a single year. It takes even smarter planning to reduce that liability for the future—but it can be done. Read more ...
By Todd D. Borger, CPA
When you sell your home, any gain you make is usually tax-free. But sometimes a sale is fully or partially taxable. Here are some common scenarios where that's true. Read more ...