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Important Facts about Dependents and Exemptions

January 27th, 2011

Some tax rules affect every person who may have to file a federal income tax return; these rules include dependents and exemptions. Here are some important facts you need to know that are related to dependents and to claiming exemptions on your tax return. Exemptions reduce your taxable income – There are two types of […]

2011 Required Minimum IRA Distributions

January 21st, 2011

Now that the New Year is here, you can begin taking your required minimum distribution (RMD) for 2011. The following is an overview of the rules regarding these mandated distributions for older taxpayers. The IRS does not allow IRA owners to keep funds in a Traditional IRA indefinitely. Eventually, assets must be distributed and taxes […]

It’s Tax Time!

January 21st, 2011

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 comes to the extra tax you save! When you arrive at your appointment fully prepared, […]

Congress Extends Tax Breaks

January 15th, 2011

Congress, in an eleventh-hour compromise agreement worked out with the Obama Administration and the GOP Leadership, has extended many of the Bush era tax reductions.  The following is an overview of the more frequently encountered tax changes that will have an effect on just about every taxpayer. INDIVIDUAL PROVISIONS Individual Tax Rates – Under the […]

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