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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
Category Archives: Personal Taxes
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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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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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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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
It’s Tax Time! Are You Ready?
If you’re like most taxpayers, you find yourself with an ominous stack of “homework” around TAX TIME! Unfortunately, the job of pulling together the records for your tax appointment is never easy, but the effort usually pays off when it … Continue reading
Posted in Personal Taxes
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Medical Checklist
After 2012, the limitation on deductible medical expenses increases for most taxpayers from the current 7.5% of AGI to 10% (it remains at 7.5% for taxpayers age 65 and over through 2016). So if you need some dental work, laser … Continue reading
Posted in Personal Taxes
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Maximize Your Charitable Deductions
As the end of the year approaches, there are still things you can do to increase and properly document your charitable contributions for 2011. Here is a brief rundown: Print PDF
Posted in Charitable Donations, Personal Taxes
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Are out-of-pocket expenses for charities deductible?
Here’s a question from a client about whether or not expenses they incur while volunteering for a charitable organization are deductible. My wife has begun volunteering for a religious organization which operates under the 501c3 status of their church denomination. Her … Continue reading
Posted in Ask Steve, Charitable Donations, Personal Taxes
Tagged Charitable donations
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IRS Announces Pension Plan Limitations for 2012
The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Continue reading
Posted in Personal Taxes, Retirement Plans
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Flipping Homes – A Reviving Trend in Real Estate
Prior to the recent economic downturn, flipping real estate was popular. With mortgage interest rates low and home prices at historical lows, flipping appears to be on the rise again. House flipping is, essentially, purchasing a house or property, improving … Continue reading
Illinois Tax Amnesty to Begin October 1
On Monday, August 16th, Governor Quinn approved the bill to establish a tax amnesty program for all taxpayers for taxes due for any taxable period ending after June 30, 2002 and prior to July 1, 2009. The amnesty period will run … Continue reading
Posted in Illinois, Personal Taxes, Tax legislation, Uncategorized
Tagged Illinois, illinois tax amnesty, tax amnesty
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Illinois Tax Amnesty Measure Goes to Governor
The Illinois General Assembly has passed a measure to implement an amnesty on taxes administered by the Department of Revenue and has sent the measure to Gov. Pat Quinn. The amnesty period would run from October 1, 2010, through November … Continue reading
Posted in Business taxes, Illinois, Personal Taxes, Tax legislation
Tagged amnesty, Illinois, income tax, penalties
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