Category: Tax
Opportunities to Start Planning Next Year’s Tax Return
The tax filing deadline may have just passed for 2011, but planning for next year can start now. Taxpayers that are organized and planning ahead can save time, money and headaches in 2013. Here are a few things to consider...
Tax Facts for Adoptive Parents
Adoption is often considered an overwhelming experience, but as with anything in life, taken one step at a time, it can be accomplished. If you were fortunate enough to adopt a child in 2011, you may be able to claim...
Client Question: What is the difference between a Dependent and an Exemption?
While every individual tax return is different, some tax rules affect every person who files a federal income tax return. These rules include dependents and exemptions. Below are some simple facts about dependents and exemptions that will help you determine...
Depreciation: IRS Regulation Rewrite Rules on Deduction vs. Capitalization
Depreciation has been around forever and we all thought we knew everything about it. Well maybe not, but the IRS has updated the rules on “capitalization”, “facilitative costs” and “de minimis rules”. CAPITALIZATION: A taxpayer must capitalize amounts paid...
10 facts about claiming the Child Tax Credit
The Child Tax Credit is available to eligible taxpayers with qualifying children under the age of 17. Here are 10 facts that taxpayers should know regarding this beneficial tax credit: 1. Amount: With the Child Tax Credit, you may be able...
Client Question: How do I change my name with the IRS?
If you have recently changed your name, such as after a marriage or divorce, you will need to take the necessary steps to ensure the name on your tax return matches the name registered with the Social Security Administration (SSA). ...
Client Question: What Types of Income are Non-Taxable Income?
In most cases, the income you receive is taxable and must be reported on your federal income tax return. However, there are some instances when some types of income may not be taxable. The following list offers some of the...
Endangered Tax Breaks and Benefits
Many tax deductions and subsidies are set to expire in 2012 unless Congress steps in to save them. Could any of these raise your tax bill? Some Bush-era tax cuts, as well as some long in place tax breaks, are...
“Daily Deals” – More of a Deal for State Coffers Than Yours?
Daily Deal-type marketing (think Groupon and Living Social) has become a very popular way for small businesses to market their product or service to a large and local audience. However, business owners need to be aware of the various tax...
Client Question: What is my correct filing status?
Determining your correct filing status is a critical step in the preparation of your tax return. It is used to determine your standard deduction, eligibility for certain credits and deductions, and correct tax amount. For example, income limitations aside, the...