By: Zubin JB Tax Planning Views: 3166 | Comments: 0 | Votes: 0
Is it just me or have the recent appointees to President Obama's cabinet been playing hooky with their taxes? First, it was Tim Geithner, a mastermind at the Treasury, who is going to be the savior of the economy. Actually, it's not. Let's all give the President one word of advice: Simplify, simplify, simplify. (they say if you repeat something three times, it works!). More
By: Kerry Freeman EA Tax Planning Views: 4007 | Comments: 0 | Votes: 0
Remember those economic-stimulus checks the government was handing out this year? Many taxpayers didn't qualify for the full amount -- or for any payment at all -- because their 2007 income exceeded a certain threshold. But many people who lost their jobs this year, or whose incomes fell for some other reason, will get a second chance next year, thanks to a little-noticed tax-law twist. More
By: Kerry Freeman EA Tax Planning Views: 3076 | Comments: 0 | Votes: 0
Act Now to Make 2008 Less Taxing What you don't do by the end of this year could end up costing you plenty next year. A combination of market forces and the phasing out of certain tax benefits makes it extra-important to grab every tax advantage you can right now. How can that be? The net effect is that fund shareholders get hit with a taxable distribution. That's a big savings. Mr. More
By: Kerry Freeman EA Tax Planning Views: 4008 | Comments: 0 | Votes: 0
How protected is your personal tax information? It is tax season and you have all your records tied up in files and boxes and you drag them to you tax preparer. But what does that person due to keep your personal information safe? Identity theft is at record levels across the nation. Not all tax preparers are equal and some are down right crooks. Mr. Mr. More
By: Kerry Freeman EA Tax Planning Views: 5805 | Comments: 0 | Votes: 0
Moving expense can save you on taxes. With so many people moving in and out of Phoenix, many people wonder if there is any tax saving with the move. Kerry Freeman, EA of the Central Arizona Chapter of Enrolled Agents (CACEA) shows you ten things you need to know about moving expenses. But no two moves are alike, and there are several tests you must meet to claim the deductions. Mr. More
By: Kerry Freeman EA Tax Planning Views: 4329 | Comments: 0 | Votes: 0
Independent Contractor vs. Employers who misclassify workers as independent contractors can end up with substantial tax bills as well as penalties for failing to pay employment taxes and failing to file required tax forms. Workers can avoid higher tax bills and lost benefits if they know their proper status. The address of the official IRS governmental Web site is www.irs.gov. More
By: Kenneth R. Harney Tax Planning Views: 4196 | Comments: 0 | Votes: 0
WASHINGTON – Anybody who's been sitting on the sidelines hesitant to jump into real estate until conditions settle down should know these dates: April 9, 2008, through June 30, 2009. They mark the eligibility time span to qualify for the home purchase tax credit created by the massive housing bill approved by Congress. Eligibility rules: Do you own a home now? You are eligible. More
By: Steven Leibold, EA Tax Planning Views: 5214 | Comments: 0 | Votes: 0
This year, one of the biggest tax changes is the zero tax rate on long-term capital gains and qualified dividends for those who are normally in the 10% or 15% regular income tax brackets. Single taxpayers whose 2008 taxable income falls under $32,551 and marrieds with income under $65,101 meet the requirements. Steven C. More
By: Steven Leibold, EA Tax Planning Views: 6113 | Comments: 0 | Votes: 0
Will wedding bells be ringing for you or a family member this summer? If so, add tax updating to the long list of things to do. Here are some of the tax concerns newlyweds need to take care of. Check the effect marriage will have on your tax bill. If both spouses work and earn about the same income, you may pay higher taxes due to the "marriage penalty." Steven C. More
By: Thomas J. Hartfield Tax Planning Views: 21797 | Comments: 1 | Votes: 0
What Tax Deductions Are Still Available to Me? When Congress changed the tax codes with the Tax Reform Act of 1986, it eliminated many of the deductions that enabled many people to avoid paying income taxes. The revision was very thorough. However, for those taxpayers who itemize, some key deductions remain. Your tax advisor will be able to tell you exactly what’s deductible for you. More
