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File Taxes for Free – It’s Easy as 1-2-3!

By: Sharman Tax Planning Views: 42975 | Comments: 2 | Votes: 0

Sharman

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

When is the Dog Deductible?

By: Kerry Freeman EA Tax Planning Views: 37671 | Comments: 2 | Votes: 1

Kerry Freeman EA

  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

What Tax Deductions Are Still Available to Me?

By: Thomas J. Hartfield Tax Planning Views: 21263 | Comments: 1 | Votes: 0

Thomas J. Hartfield

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

Homeowners get mortgage debt relief

By: Steven Leibold, EA Tax Planning Views: 17281 | Comments: 0 | Votes: 0

Steven Leibold, EA

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

Age limit for "kiddie tax" to go up again

By: Steven Leibold, EA Tax Planning Views: 15934 | Comments: 0 | Votes: 0

Steven Leibold, EA

Do your children have savings accounts or other investments held in their own name? If so, the tax on those investments could change. That's because recent tax legislation will expand the "kiddie tax" to cover children up to age 19 starting in 2008. For full-time students, the age limit will be even higher - up to age 24. Prior to 2006, the kiddie tax applied up to age 14. Steven C. More

Google takes advantage of Irish tax law to cut its tax bill by billions

By: Academix Tax Planning Views: 9210 | Comments: 0 | Votes: 0

Academix

Google Inc. cut its taxes by $3.1-billion in the past three years using a technique that moves most of its foreign profits through Ireland and the Netherlands to Bermuda. Google's income shifting -- involving strategies known to lawyers as the "Double Irish" and the "Dutch Sandwich" -- helped reduce its overseas tax rate to 2.4%, the lowest of the top five U.S. Treasury Department. Ms. More

Settling Your IRS Tax Debt: Knowing the Basics of an Offer in Compromise

By: Richard Close Tax Planning Views: 8526 | Comments: 0 | Votes: 0

Richard Close

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

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

Tax benefits of owning a home

By: Bogie Boric Tax Planning Views: 7115 | Comments: 0 | Votes: 0

Bogie Boric

Deducting mortgage interestIn most cases, you can fully deduct your mortgage interest secured by your primary or secondary home. Beginning in 1987, mortgage interest to buy, build, or improve your home (acquisition debt) up to $1,000,000 or home equity loans up to $100,000 became tax deductible. You can only claim this exemption once every two years. More

“Innocent spouse” won’t be disqualified for failing to file within two years

By: File Your Taxes Online Tax Planning Views: 5972 | Comments: 1 | Votes: 0

File Your Taxes Online

The Internal Revenue Service is giving some relief to "innocent spouses" who otherwise may have been liable for a partner's tax debt.   Effective immediately, the agency has eliminated a rule that disqualifies taxpayers from innocent-spouse status if they fail to file for relief within two years -- a provision that snagged people who otherwise qualified, including abused women. More