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Sale Of A Personal Residence - The New Rules
Based on comments and questions I have received from clients and readers it appears that there is still some confusion about the rules for taxing gain on the sale of a personal residence. Many people think the "old rules" still apply.
THE OLD RULE...
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rating : 0.00, 0 votes. Author : Robert D. Flach
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Ask the Tax Pro: IRA Basics
QUESTION:
I got to thinking about IRAs. I think this is how it works-
Traditional IRA contributions are from dollars not taxed. Distributions from this type IRA are then taxed upon withdrawal.
ROTH IRA contributions are from dollars taxed during ...
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rating : 0.00, 0 votes. Author : Robert D. Flach
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Removing IRS Liens And Levies
I want to tell the story about how I came up with what has proven to be a viable process to remove IRS liens and levies.
I discovered what amounts to a needle in a haystack. I found somebody in the IRS that is motivated to take some action on your ...
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rating : 0.00, 0 votes. Author : Barry Smith
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Tax Reform – Limit of Mortgage Tax Deduction
A committee appointed by President Bush has come up with an alarming recommendation. They want to limit the tax deduction for mortgage interest!
Reform
Following his re-election, President Bush set up an aggressive agenda in which he hoped to refor...
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rating : 0.00, 0 votes. Author : Sergio Haros
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Keeping Your Own Money - NOT Handing It Over To The Taxman!
Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their ha...
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rating : 0.00, 0 votes. Author : Nathan Dawson
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Car Donations - Know the Facts
Donating your vehicle to charity can help you when tax time comes around and it’s also a great way to help people that are in need. The following tips will help you understand your obligations, and what is required to get the charitable donation cr...
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rating : 0.00, 0 votes. Author : Mike Hemphill
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Trust Funds Guide
A Trust is perhaps the best channel to keep your money and other assets safe and secure for your future generations. It is a lawful creation that isolates your money for specific reasons.
A trust is beneficial even when the grantor is alive and aft...
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rating : 0.00, 0 votes. Author : Mansi Aggarwal
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Year-End Tax Planning
While the average taxpayer will avoid thinking about income taxes until the approach of the April deadline forces him to do so, once the ball drops on One Times Square at midnight on December 31st and the New Year is rung in there is very little th...
0 reviews,
rating : 0.00, 0 votes. Author : Robert D. Flach
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Find the Right Service to Prepare Your Taxes
It is possible to save money on your tax preparation fees by doing some advance preparation of your own. Make sure that you organize your paperwork and receipts to save time and ensure nothing is missed. It is still important to review your tax ret...
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rating : 0.00, 0 votes. Author : Don Kransteuber
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How To Prepare Your Income Tax Return
The first step in your income tax preparation is to work out your total income. A person’s total income includes many kinds of receipts such as wages, interest, alimony, lottery winnings and many more. It is important to gather all of the appropria...
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rating : 0.00, 0 votes. Author : Don Kransteuber
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How to Choose The Right Tax Software For You
If you already use some form of personal financial management software such as Quicken or Microsoft Money then it is worth buying tax software that is compatible with this and can incorporate the figures already entered into the financial software....
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rating : 0.00, 0 votes. Author : Don Kransteuber
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The Tax Man Goeth
“That the power to tax involves the power to destroy … [is] not to be denied”
Chief Justice John Marshall (McCulloch v. Maryland. 1819)
Think of it. April 15th just another date on the calendar, a happy payday for some. The voluminous buildings now...
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rating : 0.00, 0 votes. Author : Charles Stone
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Galveston, Oy Galveston
Such kvetching and wailing about the Social Security System. The Democrats are insisting that the Bush plan is racist, sexist, ageist, fiscally irresponsible, and a repudiation of the great Leftist icon, Franklin D. Roosevelt. The Republicans are s...
0 reviews,
rating : 0.00, 0 votes. Author : Charles Stone
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IRS Reacts to High Gas Prices
As most small businesses are aware, a tax deduction can be taken for mileage incurred in normal business travel. In light of high gas prices, the IRS has upped the mileage rate.
Major Increase
Nothing is worse than sitting at the pump and watching ...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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IRS Extends Tax Deadlines for Katrina Victims
Following Katrina, the IRS acted quickly to relieve victims of any tax burdens. One step was to extend any tax filing dates to late October and now those dates have been extended again.
Emergency Tax Relief Act
On September 23, 2005, President Bush...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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Hurricane Katrina - Dyed Diesel Fuel Tax Penalty Relief Extend Again
The IRS and Treasure Department have jointly announced an extension of relief for the dyed diesel fuel tax penalty in light of Hurricane Katrina.
Shortages Spur Extension of Relief
Diesel fuel comes in two general forms, clear and dyed. Dyed diesel...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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IRS Gives Employees-Employers Unique Way To Help Katrina Victims
The IRS has never been known as a creative beaurocracy. To promote donations to Katrina victims, however, it is being very creative.
The IRS has come up with Hurricane Katrina Leave Donation Program to help out those in need through special tax tre...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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Tax Wise Giving
Instead of giving cash to charity at year-end you can donate stock or mutual fund shares that you have held for more than one year and which have increased in value, and save some money in the process.
You are able to claim a deduction as a charita...
0 reviews,
rating : 0.00, 0 votes. Author : Robert D. Flach
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Gambler Loses Twice - Thanks To Tax Court
Jimmie Clemons, retired, received a Form W-2G reporting $44,800.00 in winnings from a casino. As his gambling losses for the year were more than $44,800.00, he did not report any winnings or losses on his 1040.
The Tax Court, in Jimmie L Clemons T...
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rating : 0.00, 0 votes. Author : Robert D. Flach
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Happy Birthday To The Income Tax!
Did you know the federal income tax celebrated its 92nd birthday on October 3rd?
In February of 1913 the 16th Amendment was ratified by the required two-thirds of the states. The amendment gave Congress the power to "lay and collect tax on incomes...
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rating : 0.00, 0 votes. Author : Robert D. Flach
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The Coming Fair Tax Revolution
Few people would expect a book about taxes to take The New York Times bestseller list by storm, but that's exactly what The Fair Tax Book has done. For decades, Americans from every point on the political spectrum have moaned about April 15th and t...
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rating : 0.00, 0 votes. Author : Britt Gillette
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The Most Important Number on Your Tax Return
Most taxpayers concentrate on ways to reduce their "taxable income". However, beginning with the Tax Reform Act of 1986, your "Adjusted Gross Income", or AGI, has become the most important number on your tax return.
Many tax credits and deductions ...
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rating : 0.00, 0 votes. Author : Robert D. Flach
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Is an MBA Deductible?
You can deduct as an "employee business expense" the cost of education that is (1) expressly required by an employer, by law, or by government regulation, or (2) maintains or improves skills required in your current trade or business.
Education is ...
0 reviews,
rating : 0.00, 0 votes. Author : Robert D. Flach
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IRS Adjusts Revenue Procedure on Mileage
Recent gas price trends have impacted the standard mileage rate allowed by the IRS. Small business owners should be aware of the latest adjustments and take full advantage of all available deductions.
The IRS normally updates the mileage rates once...
0 reviews,
rating : 0.00, 0 votes. Author : Sharon Claar
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Doh! IRS Loses Taxes In San Francisco Bay
On September 23, 2005, the Internal Revenue Service began sending notices to tax payers in thirteen states that there may be a problem with their tax payments. Here is the scoop.
Traffic School?
It seems one of the trucks carrying the payments was ...
0 reviews,
rating : 0.00, 0 votes. Author : Richard Chapo
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