Written 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.

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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.

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Written 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.

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Written 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.

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Written 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?

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Written 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.

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Written 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!

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Written 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.[1] 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.

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Written by Sam Albright, EA
October 2007

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.

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Written 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.

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