Time for post-filing season checkup
Your 2011 tax return has been filed, or you have properly filed for
an extension. In either case, now it’s time to start thinking
about important post-filing season activities to save you tax in...
Countdown to Supreme Court’s health care decision
After three days of oral arguments in March, the Supreme Court is
deciding the fate of the Pension Protection and Affordable Care Act
(PPACA) and its companion law, the Health Care and Education
Recon...
Congress eyes retirement savings plans in push toward tax reform
Proposals to reform retirement savings plans were highlighted
during an April 2012 hearing by the House Ways and Means Committee.
Lawmakers were advised by many experts to move slowly on
making ...
How do I: Compute Code Sec. 1231 gains and losses?
Code Sec. 1231 applies to gains and losses from property used in
the trade or business and from involuntary conversions. Normally,
you have to determine whether property is a capital asset or is
ordin...
FAQ: What is a family partnership?
The family partnership is a common device for reducing the overall
tax burden of family members. Family members who contribute
property or services to a partnership in exchange for partnership
interes...
May 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
How do I? Calculate 'luxury auto' depreciation?
The term "luxury auto" for federal tax purposes is somewhat of a
misnomer. The IRS's definition of "luxury auto" is likely not the
same as your definition....
FAQ: Does filing my tax return early make sense?
Although individual income tax returns don't have to be filed until
April 15, taxpayers who file early get their refunds a lot sooner.
The IRS begins accepting returns in January but does not start
pr...
What's new this tax season on 2008 returns?
While 2009 holds great promise for new tax relief to help
individuals and businesses recover from the current economic
crisis, one of the first orders of business for all taxpayers in
the New Year is ...
Jumpstarting the 2009 tax year
Happy New Year! As 2009 gets underway, and you prepare for the 2008
filing season, it's important not to overlook a number of valuable
tax planning opportunities that apply right away to the 2009 tax
...
How Do I? Recharacterize a Roth conversion, and why would I want to?
If you converted your traditional IRA to a Roth IRA earlier this
year, incurred a significant amount of tax liability on the
conversion, and then watched as the value of your Roth account
plummeted am...
FAQ: Do I need to pay tax when I sell gold jewelry or collectibles?
If you are finally ready to part with those old gold coins,
baseball cards, artwork, or jewelry your grandmother gave you, and
want to sell the item, you may be wondering what the tax
consequences wil...
During economic downturn, NOLs can give your business a boost
With the economic downturn taking its toll on almost all facets of
everyday living, from employment to personal and business
expenditures, your business may be losing money as well. As a
result, your ...
How Do I? Convert from a traditional IRA to a Roth IRA?
You have carefully considered the multitude of complex tax and
financial factors, run the numbers, meet the eligibility
requirements, and are ready to convert your traditional IRA to a
Roth IRA. The q...
FAQ: Should I take the standard deduction or itemize this year?
It is a common decision you may make every tax season: whether to
take the standard deduction or itemize deductions. Most taxpayers
have the choice of itemizing deductions or taking the applicable
sta...
Tax tips in a falling stock market
In a period of declining stock prices, tax benefits may not be
foremost in your mind. Nevertheless, you may be able to salvage
some benefits from the drop in values. Not only can you reduce your
taxab...
How Do I? Deduct a bad debt on my individual income tax return?
Nonbusiness creditors may deduct bad debts when they become totally
worthless (i.e. there is no chance of its repayment). The proper
year for the deduction can generally be established by showing
that...
How Do I? Calculate self-employment taxes?
Individuals with $400 or more of net earnings from self-employment
must pay self-employment tax, in addition to any income tax imposed
on the same income. This article can help you estimate any
self-e...
FAQ: Are contributions to political campaigns ever tax deductible?
Contributions to political campaigns are nondeductible.
Nondeductible campaign contributions include, for example,
contributions to pay for campaign expenses as well as contributions
to pay for a cand...
Vehicle tax credits: Not just for hybrids anymore
Move over hybrids - buyers of Volkswagen and Mercedes diesel
vehicles now qualify for the valuable alternative motor vehicle tax
credit. Previously, the credit had gone only to hybrid vehicles.
Now, t...
Back to school expenses: Putting the tax rules to work
Education continues to become increasingly expensive. The Tax Code
provides a variety of significant tax breaks to help pay for the
rising costs of education, from elementary and secondary school to
c...
FAQ: What's the difference between an HSA, FSA and HRA?
To ease the pain of the ever-escalating costs of healthcare, many
employers provide certain tax-driven health benefits and plans to
their employees. To help employers understand the differences and
si...
How Do I? Figure the first-time homebuyer tax credit?
The Housing Assistance Tax Act of 2008 (2008 Housing Act) gave a
boost to individuals purchasing a home for the first time with a
$7,500 first-time homebuyer tax credit. The credit was enhanced
from $...
FAQ: Should I borrow from my 401(k)?
The flagging state of the economy has left many individuals and
families to cope with rising gas prices and food costs, struggle
with their mortgage and rent payments, and manage credit card debt
and ...
How to pay off your tax debt
Often, individuals end up with an unexpected tax liability on April
15. There are several options available to pay off your tax debt,
stop accruing penalties and interest and secure peace of mind.
Eac...
How do I? Compute bonus depreciation
The American Recovery and Reinvestment Act of 2009 (2009 Recovery
Act) extended the 50-percent additional first-year bonus
depreciation allowed under the Economic Stimulus Act of 2008,
providing a gen...
FAQ: When does a gift require a gift tax return?
If you've made, or are planning to make, a big gift before the end
of 2009, you may be wondering what your gift tax liability, if any,
may be. You may have to file a federal tax return even if you do
...
The ups and downs of falling interest rates in tax planning
Falling interest rates and the current slowdown in the U.S. economy
are having a widespread affect on today's economy and individuals'
financial resources, from savings accounts to personal loans and
...
FAQ: Are website development costs for my business deductible?
Like the Internet itself, the correct deductibility of a business's
website development costs is still in its formative stages. What is
fairly clear, however, is that it is highly unlikely that any si...
How the Mortgage Forgiveness Debt Relief Act is helping homeowners
On December 18, 2007, Congress passed the Mortgage Forgiveness Debt
Relief Act of 2007 (Mortgage Debt Relief Act), providing some major
assistance to certain homeowners struggling to make their mortga...
FAQ: What kinds of moving expenses are deductible?
Only "qualified moving expenses" under the tax law are generally
deductible. Qualified moving expenses are incurred to move the
taxpayer, members of the taxpayer's household, and their personal
belong...
How do I? Calculate compound interest on an IRS penalty
The amount of interest required to be paid for underpayment of tax
is compounded daily. In order to calculate compound interest, you
divide the Code Sec. 6621 interest rate by the number of days in
th...
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