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Watch the mail Box for these forms!

By: Kerry Freeman EA Tax Planning Views: 6092 | 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

What is “Bad Debt” and How Can I Claim it for My Business?

By: Tax Advisors Tax Planning Views: 6032 | Comments: 0 | Votes: 1

Credit enables many customer transactions that would not otherwise be possible. If your business offers customer credit, you’ve most likely had someone unable to repay their debt. If you report these sales as income but cannot collect, the IRS calls this “business bad debt.” In these cases, the IRS allows you to deduct those debts to decrease your federal tax liability. More

If wedding bells ring this summer, do not forget taxes

By: Steven Leibold, EA Tax Planning Views: 5932 | Comments: 0 | Votes: 0

Will wedding bells be ringing for you or a family member this summer? If so, add tax updating to the long list of things to do. Here are some of the tax concerns newlyweds need to take care of. Check the effect marriage will have on your tax bill. If both spouses work and earn about the same income, you may pay higher taxes due to the "marriage penalty." Steven C. More

Out-of-state property owners tax being enforced

By: Tax Advisors Tax Planning Views: 5863 | Comments: 0 | Votes: 0

Come Wednesday, property managers throughout California will be required to pay the state 7 percent of rental proceeds to cover out-of-state owners’ estimated income taxes — a nearly 50-year-old requirement that is now being enforced as the state struggles with billions of dollars in budget deficits. “For us, it’s a tax matter,” Voet said. “It’s slavery. More

Moving expense can save you on taxes.

By: Kerry Freeman EA Tax Planning Views: 5654 | Comments: 0 | Votes: 0

Moving expense can save you on taxes. With so many people moving in and out of Phoenix, many people wonder if there is any tax saving with the move. Kerry Freeman, EA of the Central Arizona Chapter of Enrolled Agents (CACEA) shows you ten things you need to know about moving expenses. But no two moves are alike, and there are several tests you must meet to claim the deductions. Mr. More

Home Foreclosure and Debt Cancellation

By: Tax Advisors Tax Planning Views: 5621 | Comments: 0 | Votes: 0

Home Foreclosure and Debt Cancellation The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for this relief. More

Do you owe the IRS money?

By: Steven Leibold, EA Tax Planning Views: 5419 | Comments: 0 | Votes: 0

While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are a number of ways to deal with the issue: Get a Loan to Pay the Balance – If you owe the IRS and don’t pay on time, they will assess interest and penalties. More

Questions To Ask When Shopping for a Tax Professional

By: Kerry Freeman EA Tax Planning Views: 5418 | 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

Investors might face higher taxes on dividends next year

By: Tax Advisors Tax Planning Views: 5331 | Comments: 0 | Votes: 1

If the tax cuts are allowed to expire at the end of the year, stock dividends will be subject to a much higher tax. Right now, the tax on stock dividends typically is a maximum 15%. But if the Bush tax cuts expire and we revert to previous levels, dividends would be subject to an income-tax rate of as much as 39.6%. More

Is Your Social Security Taxable?

By: Tax Advisors Tax Planning Views: 5260 | Comments: 0 | Votes: 1

Social Security benefits are taxed depending on your total income from all sources. Here is how to calculate how much of your Social Security benefits is taxable. Provisional Income Provisional income is your total worldwide income, including tax-exempt income, plus half of your Social Security benefits. 2. 3. 4. More