New Roth IRA Opportunities

November 23rd, 2010

2010 is the first year in which taxpayers—including married taxpayers filing separately—are able to convert funds in regular IRAs (including SEP and Simple IRAs) to Roth IRAs, regardless of income level.  This can provide a significant opportunity for certain taxpayers. There are several advantages to a Roth IRA – All future earnings and distributions at […]

Capital Gains Strategies

November 20th, 2010

One of the greatest benefits of the tax code is the special tax rates that currently apply to gain recognized from the sale of capital assets held for more than a year (long-term).  The special tax rates apply to virtually all capital assets including land, improved real estate, your main and vacation homes, and business […]

Rental Owners Need to Prepare for the New 2011 Reporting Requirement

November 15th, 2010

If you are a rental owner and during 2011 make payments of $600 or more to a service provider (such as a plumber, painter, or accountant) in the course of earning rental income, the 2010 Small Business Jobs Act says that you are required to provide an information return (typically Form 1099-MISC) to IRS and […]

Beware of a New Fraud Risk!

November 13th, 2010

There is a fraud risk related to the Electronic Federal Tax Payment System (EFTPS) that you need to be aware of. Always remember that the IRS does not initiate taxpayer contact by e-mail.  Therefore, if you receive an e-mail that appears to be from a tax agency telling you that your federal electronic funds transfer (EFT) […]

Tax Rumors Abound

November 10th, 2010

There are two false tax rumors that have been circulating around and troubling clients.  To set the record straight, a brief explanation of both rumors is provided below. False Rumor #1 – “Employer-paid health insurance benefits will be taxable in 2011.” Not true! Starting in 2011, the amount of employer-paid healthcare benefits was to be […]

The 9 Benefits of Tax Planning

November 6th, 2010

Planning Strategy – A Matter of Timing Planning strategy is often built on two basic timing precepts: Rule 1 – Generally, payment of tax owed on income transactions should be postponed as long as possible provided no penalty is incurred or there is not a pending law change that would adversely affect you.When you postpone […]

After Further Review, the Penalty Stands

November 4th, 2010

Former Kansas City Chiefs quarterback Joe Bruner made headlines last week as he was sentenced for battery. Bruner’s accountant, Wayne Montgomery, testified that Bruner punched him in the eye, pushed him face down into a recliner, and hit him repeatedly in the head, neck, and back at a meeting at Bruner’s house last July. Bruner was apparently “upset” with the size of his refund.

Proactive Tax Planning Can Help Save You Money

November 4th, 2010

All planning involves looking ahead to reach a specific goal. People are inclined to make careful plans when they consider making a home purchase, accepting a new job, taking a dream vacation, or investing for retirement. But when it comes to taxes, they often leave matters to chance, perhaps not realizing the tax savings that […]

Time is Running Out for the Home Energy Property Credit

September 28th, 2010

Planning to make an “energy-saving” improvement to your home?  2010 is the final year to take advantage of the tax credit available so you will need to act quickly as there are only three months left.  Whether you simply want to cut your utility bills or winterize your home, do it soon! The name “Home […]

Does the IRS Owe You Money?

August 30th, 2010

If you have not filed a prior year tax return and are due a refund, you should consider filing the return to claim that refund. If you are missing a refund for a previously filed tax return, you should check the status of your refund and confirm your current address. Unclaimed Refunds Some people may […]


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