Will Your Deductions Be Cut to Solve Deficit Woes?

The Joint Select Committee on Deficit Reduction (JSC) is set to convene soon with the goal of reducing the deficit by $1.5 trillion. How will they come up with that amount? Some sources think they may consider fundamental tax changes that include cutbacks to itemized deductions for individuals. Although both parties purport to be against […]

Back to School Tips for College Students and Parents

Whether you’re a recent high school graduate going to college for the first time or a returning college student, it will soon be time to get to campus—and payment deadlines for tuition and other fees are not far behind. Students or parents paying such expenses should keep receipts and be aware of some tax benefits […]

Tax Breaks for Charity Volunteers

If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some […]

Plan Your Withholding & Estimates for 2011

April 18 is the due date for the first estimated tax installment for the 2011 tax year and only a couple of weeks away. You may not realize it, but taking a few minutes to plan your estimated tax payments and/or proper withholding amounts for the year can actually insulate you from underpayment penalties in […]

Tax Tips for Self-Employed Individuals

If you are in business for yourself, or carry on a trade or business as a sole proprietor or an independent contractor, you generally would consider yourself self-employed, and you will need to include on your tax return your income and allowable business expenses to determine your net profit. Your net profit is subject to […]

Millions of Self Prepared Tax Returns Filed Wrong

Millions of Americans file their own tax returns and pay the wrong amount each year.  Tax software and the leading tax preparation franchises will help you fill out the forms; but they are tools, NOT a solution. Did you know that some of the leading tax preparation franchises only require their preparers to have 84 […]

Important Facts about Dependents and Exemptions

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 […]

It’s Tax Time!

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, […]

After Further Review, the Penalty Stands

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.