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New Mileage Rates for 2010

By: Tax Advisors Tax Planning Views: 4400 | Comments: 0 | Votes: 0

Tax Advisors

New Mileage Rates for 2010 If you drive a car, truck or van for work, you'll want to make sure you know the standard mileage rates that the Internal Revenue Service (IRS) has set for 2010. And remember, these mileage rates are not just used to calculate deductible costs for driving an automobile for business, but also for charitable, medical or moving purposes. More

The Making Work Pay Tax Credit

By: Tax Advisors Tax Planning Views: 4547 | Comments: 0 | Votes: 0

Tax Advisors

In 2009 and 2010, the Making Work Pay provision of the American Recovery and Reinvestment Act will provide a refundable tax credit of up to $400 for working individuals and up to $800 for married taxpayers filing joint returns. These changes may result in an increase in take-home pay. More

The American Recovery and Reinvestment Act of 2009 introduced significant changes to education credits.

By: Tax Advisors Tax Planning Views: 3466 | Comments: 0 | Votes: 0

Tax Advisors

Education Credits The American Recovery and Reinvestment Act of 2009 introduced significant changes to education credits.   American Opportunity Credit (AOC) – This credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. More

Do you have any independent contractors working for you?

By: File Your Taxes Online Tax Planning Views: 7809 | Comments: 0 | Votes: 0

File Your Taxes Online

Do you have any independent contractors working for you?   If so, please note that the IRS is increasing its focus on worker classification. The consequences of misclassifying workers are significant to the worker, the employer, and governmental agencies. The IRS will perform an examination of 2,000 random companies per year over the next three years. More

IRS Proposes New Registration of taxpreparers, this is good news!

By: Kerry Freeman EA Tax Planning Views: 3582 | Comments: 0 | Votes: 0

Kerry Freeman EA

IR-2010-1, The Internal Revenue Service kicked off the 2010 tax filing season today by issuing the results of a landmark six-month study that proposes new registration, testing and continuing education of tax return preparers. As part of the outreach effort, the IRS is providing tips to taxpayers to ensure they are working with a reputable tax return preparer. Mr. More

How To Create A Fairer Tax Environment

By: Steve Selengut Tax Planning Views: 2513 | Comments: 0 | Votes: 0

Steve Selengut

Can lawmakers who don't have the courage or intelligence to outlaw texting while driving really be expected to create a saner tax structure? Hmmm.   Politicians focus on one issue at a time, and pretend to have problems dealing with inter-related programs. Tenured politicians have a vested interest in resisting any change that involves their spheres of influence. More

What Information should your Tax Preparer Disclose.

By: Kerry Freeman EA Tax Planning Views: 4215 | Comments: 0 | Votes: 0

Kerry Freeman EA

With many offices doing multiply services, Taxes, Insurance, Financial Products. What protection does the taxpayer have to the confidentially of his or her information.   Under the Internal Revenue Code (IRC) sec 6713, If any person who is engaged in the business of preparing, or providing services in connection with the preparation of a tax return. Mr. Mr. Mr. More

IRS cracks down on tax credit cheaters

By: Kenneth R. Harney Tax Planning Views: 2934 | Comments: 1 | Votes: 1

Kenneth R. Harney

WASHINGTON — The IRS has an urgent message for would-be home purchasers: Make the most of the $8,000 first-time buyer tax credit before it disappears Dec. 1 — if you qualify. But if you don’t truly qualify, don’t try to play games with the credit. The IRS already has 24 criminal investigations of suspected fraud under way around the country. The answer from the IRS: We are. 5. More

IRS to Require Paid Tax Prepaprers to be Licensed.

By: Kerry Freeman EA Tax Planning Views: 3636 | Comments: 0 | Votes: 0

Kerry Freeman EA

The Internal Revenue Service is working on new rules that could require paid tax preparers to be licensed to improve tax compliance and reduce fraud, IRS Commissioner Doug Shulman said Thursday. Eighty percent of taxpayers get help with their returns, either from paid preparers or computer programs, Mr. Shulman told a congressional subcommittee. Mr. Mr. and Liberty Tax Service. Rep. More

To File or Not To File

By: Kerry Freeman EA Tax Planning Views: 3476 | Comments: 0 | Votes: 0

Kerry Freeman EA

To File or Not To File  You must file a tax return if your income is above a certain level. The amount varies depending on filing status, age and the type of income you receive. For example, a married couple both under age 65 generally is not required to file until their joint income reaches $17,900. Federal Income Tax Withheld. 2. Recovery Rebate Credit. 3. 4. 5. 6. More