By: Steven Leibold, EA Tax Planning Views: 17944 | Comments: 0 | Votes: 0
Congress often rushes to pass legislation just before adjourning for a holiday or recessing for the year, and 2007 was no exception. One of these last-minute bills was the "Mortgage Forgiveness Debt Relief Act of 2007," which President Bush signed into law on December 20. The amount of debt forgiven reduces the tax basis in the home. Steven C. More
By: Kerry Freeman EA Tax Planning Views: 38432 | Comments: 2 | Votes: 0
Telling the IRS that your dog ate your return won’t get you off the hook for paying your 2006 federal income taxes, due April 17 this year. And even though she depends on you for all of her support, you are really asking for trouble if you try to claim the pooch as a dependent. What about those animals that provide a real service to businesses? More
By: Kerry Freeman EA Tax Planning Views: 6283 | Comments: 0 | Votes: 0
Watch the mail Box for these forms! January is not your mail carrier's favorite time of the year. Every U.S. Postal Service delivery bag is overloaded with statements from employers, banks, stockbrokers and other institutions and agencies that were involved in taxpayers' financial lives last year. Each of these groups has, by law, until Jan. When they arrive, check them! Mr. Mr. More
By: Kerry Freeman EA Tax Planning Views: 4348 | Comments: 0 | Votes: 0
TAX SOFTWARE: IN THIS CORNER… Unless you’re a tax professional yourself, you probably need help preparing your return. More than half of all U.S. taxpayers use a paid preparer to complete their returns; of the rest, many use tax preparation software. Both have advantages, but software can come up short in a few key areas. More
By: Kerry Freeman EA Tax Planning Views: 5590 | Comments: 0 | Votes: 0
Remember, not all tax preparers are created equal. So, when shopping around, ask yourself a few important questions: 1. While you may never need to be represented in an audit or collection, it is important to find a qualified tax professional to prepare and file your return. Enrolled agents are qualified tax professionals. 2. More
By: Deleted Profile Tax Planning Views: 43765 | Comments: 2 | Votes: 0
File Taxes for Free – It’s Easy as 1-2-3! By Sharman G. Lawson It’s that time of the year that most people dread and wish would go away – It’s tax time! Have you done your taxes yet? Did you pay someone to prepare them? I’m here to tell you that what you don’t know can hurt you. Have you prepared your taxes yet? Sharman G. More
By: Richard Close Tax Planning Views: 9074 | Comments: 0 | Votes: 0
Before you assume this is the answer to your tax debt, you should be armed with the knowledge of reality vs. myth. You have to prove to the IRS that you will never be able to pay back the entire tax debt, or prove that paying off your debt would create “undue hardship”. When you deal with the IRS you are guilty until proven innocent. More
By: Richard Close Tax Planning Views: 3483 | Comments: 0 | Votes: 0
The IRS has sent you a letter telling you that you owe them money. However you’re convinced that you can handle the IRS on your own. And why not, you’re smarter than the IRS…right? The IRS is a labyrinthine bureaucracy that is diff More
By: Steven Leibold, EA Tax Planning Views: 4104 | Comments: 0 | Votes: 0
Donating property to charity can be a good way for you to help the less fortunate while you cut your own tax bill. Be aware of the advantages and disadvantages of donating property to charity. Here are some suggestions if you're planning to donate property. If the property has declined in value since you bought it, sell the property and donate the cash to charity. Steven C. More
By: Nancy Zimmerman Tax Planning Views: 2742 | Comments: 0 | Votes: 0
There’s no easy way to say this: your taxes have to get done, and you are the one mostly responsible. Squeeze your eyes tight shut, open them and guess what. They’re still there. The only way I can stomach the process is to do bits at a time over the month of April. So, here is simple survival guide to get through the ordeal. More
