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Recent posts
- Can’t Pay Your Taxes by the April Due Date?
- Top 6 Reasons You Should NOT File for An Extension on Your Tax Return
- Charity Purchases and Auctions
- 1099-K Business Return Reconciliation Eliminated
- Reporting Stock Transactions Becomes More Complicated
- IRS Offers New Penalty Relief Options
- Recently Enacted Tax Breaks for Small Businesses
- The Latest Scam—Don’t be a Victim!
- Don’t be Scammed by Tax Season Cyber Criminals
- It’s Not Too Late for Tax Planning with IRAs
Author Archives: Steve
Can’t Pay Your Taxes by the April Due Date?
The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end up owing? The IRS encourages you to pay the full amount of your tax liability on … Continue reading
Top 6 Reasons You Should NOT File for An Extension on Your Tax Return
Well, it’s crunch time. Your return is either done, or you’re scrambling like mad to get the return done, or calling your tax professional with last minute changes. Here is a fun look at the top 6 reasons why you … Continue reading
Posted in Personal Taxes, Uncategorized
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Charity Purchases and Auctions
A regular form of fundraising by charitable organizations consists of sales or auctions of property or services at a price in excess of value. These are referred to as “quid pro quo” contributions or dual payments made that consist partly … Continue reading
Posted in Charitable Donations, Personal Taxes
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1099-K Business Return Reconciliation Eliminated
The Housing and Economic Recovery Act of 2008 required third-party payment entities, such as credit card companies, to begin filing informational returns with the IRS reporting merchant card transactions, such as credit and debit card payments. The purpose was to … Continue reading
Posted in Small Business, Tax legislation, Tax Preparation
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Reporting Stock Transactions Becomes More Complicated
Beginning with the 2011 tax return, reporting stock transactions has become significantly more complicated because of the new requirement for brokerage firms to track the purchase price of stocks acquired in 2011 and subsequent years and to include that information … Continue reading
Posted in Personal Taxes, Record keeping
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IRS Offers New Penalty Relief Options
The IRS announced several new penalty relief options for taxpayers that should offer much needed relief for those finding themselves unable to pay their taxes. There are several new provisions: Penalty Relief To assist those most in need, a six-month … Continue reading
Posted in Back Taxes, IRS Tax Problems
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Recently Enacted Tax Breaks for Small Businesses
Keeping track of tax changes these days is quite a task. Congress is constantly tweaking the tax laws in an effort to stimulate the economy and deal with the budget deficit. The following is a compilation of recent changes to … Continue reading
Posted in Business taxes, Small Business, Tax legislation
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The Latest Scam—Don’t be a Victim!
Last week, we cautioned you about Internet scams aimed at tricking you into divulging information that will compromise your identity. That article described how Internet crooks disguise themselves as the IRS in an attempt to steal your identity. The IRS … Continue reading
Posted in Scams
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Don’t be Scammed by Tax Season Cyber Criminals
Now that tax season is upon us, so are the e-mail scammers pretending to be the IRS. Most of these scams fraudulently use the IRS name, logo, and/or website header as a lure to make the communication appear more authentic … Continue reading
Posted in Scams
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It’s Not Too Late for Tax Planning with IRAs
It’s not too late to make an IRA and/or SEP contribution or undo a Roth IRA conversion for 2011. Generally, after the close of the year you can no longer take steps to alter the outcome of your tax return. … Continue reading
Posted in Personal Taxes, Retirement Plans
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Those Gold Sales May Be Taxable
If you took advantage of the escalating gold and silver prices and made any sales of gold, silver, gems, jewelry, or the like during 2011, you are required to report the sales on your tax return. Whether or not the … Continue reading
Posted in Personal Taxes
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Schedule Cs in the IRS’ Bull’s-eye
Schedule C is the form that unincorporated sole proprietor businesses use to report their income and expenses as part of their individual tax returns. Schedule Cs have been center stage in recent IRS “tax gap” estimates. The tax gap is … Continue reading
Posted in Choice of Entity, IRS Tax Problems, Tax audits
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Good News – Payroll Tax Cut Extended through 2012!
Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012. The payroll tax, frequently referred to as FICA or OASDI on your paycheck, has historically been 6.2%. This is … Continue reading
Posted in Payroll
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New Credits for Hiring Veterans
Congress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the … Continue reading
Posted in Payroll, Tax Credits
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Are You Liable for a Gift Tax Return?
Frequently, taxpayers think that gifts of cash, securities, or other assets they give to other individuals are tax-deductible and, in turn, the gift recipient sometimes thinks income tax must be paid on the gift received. Nothing is further from the … Continue reading
